By Prince Osuagwu, Hi-Tech Editor

A next-generation fintech startup, Due Network, has pledged commitment to ending the inefficiencies marring the global payments ecosystem through fiat currency connectivity.

According to the firm, it intends to offer borderless multi-currency accounts and enable seamless international money movement for businesses and individuals.

The Chief Executive Officer and Co-Founder of Due Network, Robert Sargsian, who spoke while announcing the organisation’s plans to launch a global payments platform in Nigeria, said Due Network would defy the hindrances in moving intra-company funds across countries.

He 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.

“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.”

A statement by the organisation also reads in part: “Due provides no fewer than 50 markets with uninterrupted access to global liquidity by connecting various domestic payment rails around the world, while facilitating the 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 NGN 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.

“Powered by open and interoperable decentralised ledger protocols, Due 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, the UK, EEA and the US.