Due Network, a next-gen fintech startup, has announced its plans to launch a global payments platform in Nigeria.

The solution offers borderless multi-currency accounts, enabling seamless international money movement for businesses and individuals alike.
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Due provides over 50 markets with uninterrupted access to global liquidity by connecting various domestic payment rails around the world, while facilitating transactions at much lower costs and significantly faster settlement times compared to existing methods. As an example, a company in Nigeria will be able to use naira via NIP to pay their vendor in Europe, who then can receive the payment in EUR via SEPA – instantly, at near-zero costs and with a few clicks from a single interface.

Chief Executive Officer and Co-Founder, Robert Sargsian, said: “The global payments ecosystem is riddled with inefficiencies.

“Receiving funds from overseas, paying international vendors or even moving intra-company funds across countries is expensive, slow and hard to access. We are here to challenge and change that.”

Powered by open and interoperable decentralised ledger protocols, Due Network enables their Nigerian clients to use Naira to add/hold digital US Dollars and Euros in their accounts, which can then be used to send/receive funds across Sub-Saharan Africa (SSA), the UK, EEA and the US.

Sargsian said notably, all Due accounts are fully non-custodial, meaning the clients maintain complete control and custody over their funds on the platform. “No intermediaries – not even due themselves – can access the client funds in any way, providing the account holders with direct and unobstructed access without any restrictions or dependencies,” he stated.

The company is headquartered in London, UK, and recently announced its $3.3 million Seed round to further develop Due’s technology and expand its fiat currency connectivity to more markets. Due’s waitlist is now live with an initial launch slated for later this month, focused on key corridors connecting SSA, the UK, EEA and the US, with expansion into Latin America (e.g. Mexico, Brazil) and Asia-Pacific (e.g. Hong Kong, Singapore) scheduled for Q1 2024.
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