Fast-growing cross-border payments startup Changera, has joined forces with MoneyGram, a global leader in the evolution of digital P2P payments and the open-source Stellar network, to enable cash-to-crypto deposits and withdrawals for customers globally.
This integration marks a significant milestone towards Changera`s mission to democratize cross-border payments access for people and businesses worldwide.
Changera will now allow both cash-in services in Canada, Senegal, Uganda and Kenya and cash-out services using Circle’s stablecoin, USDC, via the Stellar blockchain network, at participating MoneyGram locations across 180+ countries.
Founded in 2021, Changera’s business objectives are rooted in enabling seamless and secure cross-border payments and remittances for its users.
Since its inception, the fintech platform has delivered on its value proposition to allow businesses across Nigeria, Ghana, Kenya and Canada.
With this integration, Changera is taking a giant leap forward, expanding its reach worldwide as the first African-based custodial wallet collaborating with MoneyGram.
Users in Canada, Senegal, Uganda and Kenya will enjoy reduced costs and faster transactions when cashing in at MoneyGram agents closest to their locations into their Changera Wallets, while withdrawals are available to existing and new customers globally.
Speaking on the integration, Ruth Iselema, the Chief Executive Officer of Changera said “The primary objective of this integration is to simplify the process of funding Changera wallets for users.
Our solution is coming very timely because 1.4b people currently don’t have bank accounts globally.
That`s approximately a quarter of the world’s population and 60% of adults worldwide work in the cash economy despite access to digital wallets.
MoneyGram’s extensive network of agents will allow easier deposit and cash transfers in these regions and recipients will have unparalleled access to cash out their funds conveniently.
This is the first collaboration of its kind between MoneyGram and a Fintech company in Africa, outside of traditional banking institutions. We’re proud to be pioneers of such.”
Expressing excitement about the integration, Umar Adamu, Chief Technology Officer at Changera said:
“We are thrilled that our goal to enable businesses and individuals move money freely globally is coming to fruition through this integration with a global leader in cross-border money transfers and payment service MoneyGram.
This collaboration marks a significant milestone for Changera as we expand our reach and enhance the user experience for our customers.
We are revolutionising the way Africans engage with digital wallets, providing them with unparalleled convenience and accessibility as they on/off ramp with USDC over the Stellar network on our platform.
It accentuates our commitment to fostering financial inclusion and empowering individuals throughout the continent. We are excited about the possibilities and look forward to transforming the financial landscape in Africa together.”
Direct cash deposits and withdrawals are a major step forward for Changera`s customers who can now access their funds swiftly and securely, without the limitations previously experienced.
It further underscores Changera’s commitment to advancing financial inclusion for the excluded, unserved and underserved regions in Africa and ensuring equal access to the benefits of the digital economy.
By integrating MoneyGram’s trusted services, Changera is staying true to its mission to allow users to transact without limits, regardless of their geographic locations, thereby bridging the gap underserved by the traditional banking systems and offering individuals convenience, reliability, and security when it comes to digital wallet payments and remittance.
The integration represents a significant milestone in the pursuit of financial inclusivity, reinforcing Changera’s position as a trailblazer in the African Fintech landscape.
Don’t miss important articles during the week. Subscribe to techbuild.africa weekly digest for updates.
