In a development for the fintech industry, Neutronpay, a global payments company, has entered into a strategic partnership with Bitnob, the African Lightning payments company. The alliance is set to transform cross-border payments by integrating the strengths of both companies, unlocking new avenues for bilateral trade between Vietnam and Africa using the Lightning Network.
The collaboration aims to address the challenges faced by millions of people in Africa and beyond in their quest for fast, affordable, and secure cross-border payments. By leveraging Neutronpay's Lightning infrastructure in Asia, the partnership will enable business & individual to conduct transactions using both fiat and bitcoin. The Lightning Network's ability to facilitate instant, low-cost transactions will be a game-changer for businesses and individuals seeking to capitalize on the burgeoning trade opportunities between Vietnam and Africa.
“I am thrilled to have this partnership with Bitnob, the leading Lightning company in Africa. This partnership will allow us to provide African businesses with a fast, secure, and affordable way to send and receive money to Vietnam.The bilateral commerce trade between Africa and Vietnam is growing rapidly. In 2022, trade between the two regions increased to $6.2 billion up from $5.4 Billion in 2021 last year. This growth is being driven by a number of factors, including the increasing economic development of Africa, the growing middle class in Vietnam, and the easing of trade barriers between the two regions.The old legacy banking methods for money transfer are slow, expensive, and insecure. They can take days or even weeks for the money to arrive, and they often charge high fees. With the power of the Lightning Network we are able to solve these problems. It allows for fast, cheap, and secure payments to be sent and received near-instantly like a instant message or email today.Our partnership with Bitnob will allow us to offer African businesses the benefits of the Lightning Network for sending money to Vietnam. This will make it easier and more affordable for businesses to trade with each other. It will also help to strengthen the friendship between the two countries.I am excited to work with Bitnob to provide African businesses with a much better way to send money." Says Albert Buu, Founder & CEO of Neutronpay.”
This partnership could signify a major step towards financial inclusion and economic growth in the region. With the increasing adoption of Lightning and the growing demand for efficient trade solutions, the Neutronpay-Bitnob alliance will provide an accessible gateway for individuals and businesses to tap into the increasing global economy, fostering stronger trade relationships between Vietnam and Africa.
“It's not news that there is a growing trade relationship between Africa and Vietnam. In 2021, Vietnam exported US$2.24 billion worth of goods to Africa, with trade between Nigeria and Vietnam alone increasing at an annualised rate of about 35% over the past 25 years. We are thrilled to partner with Neutronpay to help improve the trade and remittance experience between the continent and Vietnam. We believe this will further strengthen and deepen the trade relations that exist today" says Adewale Osideinde, COO, Bitnob.”
With this pioneering partnership, Neutronpay and Bitnob are poised to redefine the future of finance and international trade, as they work on a secure, low-cost global payment ecosystem that enables robust bilateral trade between Vietnam and Africa.