Celo announced partnership with DuniaPay

Celo announced on Wednesday, August 25, through his Twitter account, his new partnership with DuniaPay, to bring financial freedom to the surface for the residents of West Africa.

“If you’ve ever tried to send money to a family member living abroad, pay a bill online, or reimburse a friend, you’ve likely experienced the most common pain points associated with traditional banking systems, namely, high transfer fees and transactions that can take several days to settle. Creating opportunities to use cryptocurrencies on mobile phones, and in turn allowing instant access to capital, is critical to the work we are doing at Celo to address some of these shortcomings. Today, we take the next step with the team at DuniaPay, a full-service digital banking application, to help make daily financial services easier and less expensive for residents of West Africa”, he said in a published article. on the Medium platform.

The company explained that DuniaPay, which previously announced support for in-app crypto transactions in Celo Dollars (cUSD), now has a new personal savings feature that offers its 18,000 active users more than 8% annual interest on savings, more than double the traditional initial interest rates of 3.5%. banks usually offer. These high interest rates are made possible by cXOF, a community stablecoin DuniaPay developed at Celo to power remittances, savings, loans, and online payments.

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In his view, cXOF tracks the value of the CFA franc (XOF), a currency used by residents of more than fourteen West African countries, and will allow them to easily save, send and receive money anywhere in the world. cXOF can also be freely traded on decentralized exchanges such as Ubeswap for other stable fiat-tracking assets, such as cUSD and cEUR. For participating merchants, cXOF provides an easier, more transparent, and more secure way to collect and manage payments online. And cXOF typically pays off in 5 seconds or less, compared to up to a month with traditional credit card services.

“We are excited about the launch of the first stablecoin, cXOF, developed at Celo. Empowering communities to launch new assets that are more relevant to their markets is made possible by Celo’s open blockchain platform, and we look forward to seeing more such assets developed to provide greater access to financial services. If you are interested in learning more about stablecoins, you can read how DuniaPay and Celo approached this project here”, he added.