To empower the African diaspora community, Centi, a Swiss fintech pioneer, and CentBee, a global digital cash wallet, have come together to redefine remittance services from Switzerland to Africa. Through the use of advanced blockchain technology, this partnership aims to make cross-border money transfers more efficient, cost-effective, and inclusive.
Remittances play a crucial role in supporting African households, with the sizable Swiss diaspora community contributing significantly. According to the World Bank, remittances from Switzerland to foreign countries exceeded $8.2 billion in 2020, with a substantial portion going to African nations.
Traditional remittance methods heavily rely on bank transfers and credit cards, posing challenges for the unbanked and underbanked communities in Europe. In response to this issue, Centi has developed a unique cash on-ramp feature, while Centbee provides off-ramps in several African countries, including Ghana, Senegal, Cameroon, Nigeria, Kenya, and Uganda. This collaboration aims to greatly enhance financial inclusion.
Preliminary tests have shown that using the combined services of Centi and Centbee, sending CHF 50 in cash to Ghana could be 85% cheaper than using the current market leader. This means recipients could receive up to 30% more cash-in-hand compared to the same CHF 50 sent from Switzerland. This innovative model poses a significant challenge to traditional high-fee remittance service providers.
Furthermore, the partnership aims to achieve greater cost savings by leveraging Centi’s groundbreaking blockchain technology and a unique stablecoin guaranteed by Swiss banks, along with Centbee’s user-friendly digital cash wallet and extensive knowledge of the African market. This union is expected to bring about substantial improvements in remittance services, providing much-needed financial relief to families and communities in Africa.
Bernhard Müller, CEO of Centi, emphasizes the shared vision driving this partnership: “Our collaboration with Centbee is rooted in a shared commitment to making financial services more accessible and affordable for underbanked communities. Together, we aim to challenge and transform the remittance landscape.”
Echoing this sentiment, Lorien Gamaroff, CEO of Centbee, adds: “Our partnership with Centi, a frontrunner in digital payments, aligns seamlessly with our mission to make digital cash accessible to everyone. We are confident this partnership will bring significant benefits to our users and the wider African community.”
The partnership between Centi and Centbee demonstrates how blockchain technology can bring about significant changes in global remittance services, leading to a revolutionary impact. Through this collaboration, the aim is to enhance the affordability and availability of these services, thereby bringing us closer to achieving financial inclusion for all individuals in Africa.