From late January to mid-February, four of Stellar.org’s team members (myself included) are in Lagos, Nigeria. We’re building relationships with developers and financial service providers on the ground, and learning more about the specifics of the Nigerian ecosystem. We’ve been invited to speak at a number of events and meetups in the community, including a sold-out talk at startup accelerator iDEA Nigeria for 150 people.
We came to Nigeria to make a major announcement. Today, a new Stellar integration goes live: a low-cost payment transfer network among several microfinance organizations in Nigeria. Via an integration with microfinance software provider Oradian, this network reaches a total of 200 branches and serves over 300,000 end clients (over 90% are women), mainly in rural areas across Nigeria.
“With infrastructure connecting MFIs together, apps and services can come in at the local level, designed by developing communities. And those communities, which have intimate knowledge of the day-to-day financial constraints in emerging economies, can build the products they need most.”
Oradian’s network of MFI’s opens the door to localized solutions, ensuring that communities can design, build, and iterate independently. Nigeria has one of the world’s most driven, fast-paced economies—now that the roadblocks of outdated, siloed financial infrastructure are gone, we can’t wait to see what happens next.
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