African fintech giant Flutterwave has teamed up with Tempo, a blockchain network, to make sending money to and across Africa much faster and cheaper.
African fintech giant Flutterwave has teamed up with Tempo, a blockchain network, to make sending money to and across Africa much faster and cheaper.
Right now, moving money internationally into Africa is slow and expensive. Traditional bank transfers usually pass through multiple middleman banks, which can take days to clear and cost a lot in high fees. Flutterwave and Tempo want to change this by using stablecoins (digital currencies tied to the value of the US Dollar, like USDC and USDT).
Think of a “rail” as a track that money travels on. Usually, money travels on traditional banking tracks.
By building a multi-rail system, Flutterwave is creating multiple tracks for money to move on. If one track (like a regular bank wire) is too slow or expensive for a specific country, Flutterwave can automatically switch the payment to a faster blockchain track.
Flutterwave already uses a blockchain network called Polygon. Adding Tempo gives them a second digital track, making their network even stronger.
How This Helps People and Businesses
This partnership will directly improve two of Flutterwave’s major services:
• For Everyday People (Send App): If you are living in the US, UK, Europe, or Canada, you can send money home to families in Africa using stablecoins. Instead of waiting days, the money will arrive in a digital wallet in seconds.
• For Businesses (Flutterwave for Business): Companies can pay international suppliers instantly using stablecoins. This means businesses do not have to waste money on heavy foreign exchange fees or wait days for a bank wire to settle.
Why Tempo?
Tempo is a special blockchain built specifically for handling payments. It is incredibly fast and has fixed, predictable fees. This means businesses will know exactly how much a transfer costs before they hit send, with no hidden surprises.
This partnership is Flutterwave’s sixth major update in less than a year to bring stablecoin payments to Africa, proving that digital dollars are quickly becoming a normal way to move money globally.
