Ayodeji Ayenuwa
In a strategic move to capitalize on the expanding cross-border payments sector, London-based fintech startup Due Network has expanded into the Nigerian market.
The company, founded in 2022, aims to revolutionize international payment processes through its innovative use of stablecoins and blockchain technology.
“Our platform is non-custodial. It means that when you’re actually buying, let’s say, digital dollars, you hold them using your cryptographic key on your device,” emphasized Robert Sargsian, Co-Founder, and CEO, highlighting Due’s commitment to a user-centric approach.
Due Network’s expansion is a crucial development in its mission to transform international payments. The platform operates on three core pillars: Vaults, allowing users to manage various currencies online; Payments, designed for businesses and individuals to accept payments through various methods; and Transfers, facilitating seamless international transactions for users globally.
The move into the Nigerian market signifies Due Network’s commitment to addressing the demand for moving funds overseas and holding digital dollars in the region.
Sargsian stated, “There’s a lot of demand for moving funds overseas and holding digital dollars in Nigeria, and that’s why we decided to focus on this market.“
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With an initial focus on 14 additional African countries, including South Africa, Kenya, Ghana, and Tanzania, Due Network aims to establish itself as a key player in the African fintech landscape.
Sargsian emphasized the platform’s web-based nature, requiring users to register and undergo KYC or KYB processes for international transfers.
While outlining the company’s expansion plans, Sargsian stated, “Our main goal is to have the broadest coverage possible and be able to serve as many use cases as possible using our platform.”
Looking ahead, Due Network plans to launch corridors between the US, UK, Europe, and Africa, with subsequent expansions into Asia Pacific and Latin America.
The company has upcoming features in the pipeline, including a mobile app set to launch in January, demonstrating its dedication to enhancing the user experience.
Addressing concerns about trust within the Nigerian crypto market, Sargsian reassured users of Due’s non-custodial vision, providing full control over funds.
Despite uncertainties in crypto regulations, he expressed confidence in positive developments, drawing parallels with evolving regulatory landscapes in the US and Europe.
Due Network’s collaboration with local players in Nigeria positions the company to play a pivotal role in advancing blockchain technology in payments.
Techrectory with Agency Report.
