Tech Cabal has reported that Stellar.org and Oradian are launching a low-cost live payment transfer network among Nigerian microfinance organizations.
Stellar.org is a tech nonprofit that hosts and maintains the Stellar network, which it describes as “a free, open-source network that connects diverse financial systems and enables money to move directly between people, companies and financial institutions as easily as email” and that anyone can use the Stellar network to build low cost financial services for their target community.
Oradian, on on the other hand, is a Croatian fintech company. Its core banking application, Instafin, is said to be used by microfinance institutions all over Nigeria with a reach of 200 branches, which in turn serve 300,000 end clients.
“We’re beyond excited to be working with Oradian…” said Joyce Kim, Executive Director of Stellar.org.
“With the Oradian integration, communities that primarily relied upon cash for money transfer in and out of their villages can now transfer money instantly and safely, regardless of their location. This is the first step towards creating a universal payment network for the unbanked, and brings us closer to fulfilling Stellar.org’s mission of using a universal platform to bring financial services to all.”