Due Network Unveils Groundbreaking International Payments Redefinition in Nigeria

Infostride News, a reputable news source, reports that Due Network, a cutting-edge fintech startup, is set to launch its revolutionary global payments platform in Nigeria. This platform offers borderless multi-currency accounts, providing businesses and individuals with seamless international money movement capabilities.

The waitlist for requesting priority access to this groundbreaking platform is now live, with the initial launch scheduled for later this month in Nigeria. The focus of Due Network spans across Sub-Saharan Africa, the UK, EEA, and the US, with plans for expansion into Latin America and the Asia-Pacific region in the first quarter of 2024.

The innovative solution presented by Due Network allows for uninterrupted access to global liquidity in over 50 markets. This is achieved by connecting various domestic payment rails worldwide, resulting in transactions at significantly lower costs and faster settlement times compared to traditional methods.

For instance, a Nigerian company can utilize NGN via NIP to pay a vendor in Europe, who can then receive the payment in EUR via SEPA. This process occurs instantly, with near-zero costs and just a few clicks from a single interface, showcasing the efficiency and convenience that Due Network brings to cross-border transactions.

Robert Sargsian, CEO and Co-Founder of Due Network, highlighted the inefficiencies in the global payments ecosystem, stating, “Receiving funds from overseas, paying international vendors, or even moving intracompany funds across countries is expensive, slow, and hard to access. We are here to challenge and change that.”

Due Network, powered by open and interoperable decentralized ledger protocols, enables its Nigerian clients to use Naira to hold digital US Dollars and Euros in their accounts. These digital assets can then be used to send or receive funds across various regions, fostering financial connectivity between Sub-Saharan Africa, the UK, EEA, and the US.

One notable feature of Due Network is that all accounts are fully non-custodial. This means that clients maintain complete control and custody over their funds on the platform. No intermediaries, including Due Network itself, can access client funds in any way, providing account holders with direct and unobstructed access without restrictions or dependencies.

Headquartered in London, UK, Due Network recently announced a successful $3.3 million Seed round. This funding will be instrumental in further developing Due’s technology and expanding its fiat currency connectivity to more markets, ensuring a broader reach for its innovative financial services.

The company’s waitlist is currently live, anticipating its initial launch later this month. The initial focus will be on key corridors connecting Sub-Saharan Africa, the UK, EEA, and the US, with plans for expansion into Latin America (e.g. Mexico, Brazil) and Asia-Pacific (e.g. Hong Kong, Singapore) in Q1 2024.

Due Network is actively working on integrating digitized Real World Assets, such as tokenized US Treasuries, to provide more markets with wider access to yield-bearing assets. The leadership team, consisting of Robert Sargsian and Co-Founder/CTO Alex Popov, is supported by a global team spanning London, Lagos, Munich, New York, Sofia, and Mexico City. The team members bring valuable experience from renowned companies, including Revolut, Uber, Binance, and Bolt.

Sargsian shared the company’s vision, stating, “We want to be a driving force in transforming how the global economy runs. Our vision is a future where money is truly global, permissionless, and inclusive.”

Established in 2022, Due Network is a London-based fintech startup with a vision to reshape international payments through stablecoins and blockchain technology. The company provides multi-currency accounts, global transfers/remittances, and merchant acquiring for businesses and individuals. Due Network has built its platform on top of decentralized networks to enable accessible, fast, and cost-effective international money movements, with a commitment to maintaining a non-custodial approach that gives clients full control and direct access to their assets without the need for intermediaries.