According to Strike, it now supports Bitcoin’s lightning network on its platform to send instant and low-cost payments to Africa. Strike users based in the United States can now transfer funds to Kenya, Ghana, and Nigeria via the newly added feature “Send Globally”.
Strike has partnered with an African payments platform called Bitnob to provide Direct Deposits to Recipient’s Accounts. This will help alleviate the problem of sending money home to family members.
Users can now send funds to any of the three countries using Strike. The funds are instantly converted to the recipient’s currency and deposited into the recipient’s bank or mobile money account.
The use of Bitcoin to solve cross-border payments into Africa would be a major boost to local economies. Nigeria alone received $17.2 billion in remittances in 2020. It costs the sender $17.8 (8.9%) for every $200 sent in 2020. This amounts to approximately $1.5 billion lost in fees.
