Due Network, a global fintech company based in London, has expanded its operations to Nigeria, aiming to tap into the growing market for cross-border payments in Africa. The company provides borderless multi-currency accounts, offering seamless international money movement for businesses and individuals. Due’s solution connects various domestic payment rails worldwide, enabling transactions at lower costs and faster settlement times compared to existing methods. The platform allows users in Nigeria to hold digital US dollars and euros in their accounts, facilitating funds transfer across sub-Saharan Africa, the UK, EEA, and the US.
Key Points:
- Company Expansion:
- Due Network, a London-based fintech company, has entered the Nigerian market to provide borderless multi-currency accounts and streamline cross-border payments.
- Cross-Border Payment Solution:
- Due connects various domestic payment rails globally, allowing businesses and individuals to conduct international transactions more efficiently. The platform offers lower costs and faster settlement times compared to existing methods.
- Operational Model:
- Due is powered by open and interoperable decentralized ledger protocols. Nigerian customers can deposit naira to hold digital US dollars and euros in their accounts, providing them with direct control and custody over their funds.
- Non-Custodial Accounts:
- Accounts on Due are fully non-custodial, ensuring that clients maintain complete control and custody over their funds on the platform. Due officials or intermediaries cannot access customers’ funds.
- Global Vision:
- Due Network envisions a future where money is truly global, permissionless, and inclusive. The company aims to transform the global payments ecosystem by challenging and changing existing inefficiencies.
- Funding and Expansion Plans:
- Due recently announced a $3.3 million Seed round to further develop its technology and expand fiat currency connectivity to more markets. The company plans to launch initially in key corridors connecting Sub-Saharan Africa, the UK, EEA, and the US, with further expansion into Latin America and Asia-Pacific in 2024.
- Integration of Real World Assets:
- Due is actively working to integrate digitized Real World Assets, such as tokenized US Treasuries, to provide broader access to yield-bearing assets in more markets.
- Global Team:
- Due Network’s team is headquartered in London, with a global presence in Lagos, Munich, New York, Sofia, and Mexico City. The founders, Robert Sargsian and Alex Popov, lead a team focused on transforming the global economy.
Conclusion:
Due Network’s expansion into Nigeria reflects the company’s commitment to addressing inefficiencies in the global payments ecosystem. By offering a decentralized and non-custodial solution, Due aims to provide users in Nigeria with more accessible and cost-effective cross-border payment options, contributing to the vision of a globally connected and inclusive financial landscape.
