East Africa

1st transparent cross border payment in Tanzania

Tanzanian Startup ClickPesa & Australian Software DvOPs Novatti build new solutions.

ClickPesa and Novatti to facilitate first transparent cross border payment for Australian mining companies in Tanzania

ClickPesa of Tanzania and Novatti Group of Australia conducted the first successful cross border test transaction through the Stellar network from Australia to Tanzania with Novatti’s AUD utility token. The test transaction took place a week ago in front of several mining entities registered in Tanzania with headquarters in Australia.

The parties conducting the successful test transaction are: Novatti Group, facilitating the test transaction from the Australian side, and ClickPesa, facilitated the test transaction from the Tanzanian side. The companies recently started utilizing the Stellar Network. Stellar is a potential alternative to the interbank SWIFT network and its usage is growing fast in emerging markets​ because of its low fees, speed and transparency.

Richard Lema, Co-founder and Director of ClickPesa says ​“Until now we have been using standard transfer methods. We recently started testing new payment protocols. We don’t see Stellar as a full replacement for payments standards just yet. We do see the direct benefits of Stellar and do expect that alternatives such as Stellar will play a more important role in the future”
ClickPesa’s goal is to make transactions cheaper, faster and more transparent for the East African society, Stellar is a perfect fit for this. ClickPesa has plans to soon launch additional financial services for organizations utilizing Stellar protocol.

Robert Lee, from Novatti Group says ​“performing this test transactions shows the power of blockchain technology for financial services. We are currently testing our AUD utility token and this test transaction has shown good results. Novatti, through its licenced subsidiary Flexewallet requires full KYC of all sending and receiving parties and reports all cross border transactions to AUSTRAC”.

Source: Start Up Africa