Lugh, the creator of Tezos-based Euro stablecoin EURL, today announced an exclusive partnership with Ejara. According to the partnership, EURL will now be used to accelerate cross-border payments between Europe and Africa at low cost.
Launched in 2021, EURL is a 1:1 euro-backed stablecoin registered by the French AMF. The EURL is issued and managed by Lugh, a company supported by French retail giant Groupe Casino and Société Générale, and fully backed by a euro reserve held at SG.
Ejara is a mobile application that supports cryptocurrencies and tokenized assets uniquely tailored to the African market. Ejara is also the first crypto investment app in French Africa available on Android and on the App Store.
Some estimates have the number of Africans living outside of their own countries at around 30 million, with remittances to sub-Saharan Africa alone totaling about $47 billion.
Payment routes between Africa and the rest of the world are the most expensive in the world, notwithstanding the high demand.
Remittances cost between 8 and 10% of each transaction’s value on average, which is a considerable sum in any setting. As a result, almost $4.7 billion leaves the continent every year in expenditures.
A low-cost and reliable cross-border payment solution can be greatly helpful in lifting the financial condition of African population.
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