- Tether invests in Africa’s Shiga Digital to boost USDT-powered financial services.
- Partnership enables faster, cheaper cross-border payments for African businesses.
- Shiga Digital to launch direct USDT payments for everyday goods and services.
Tether has announced a major investment in Shiga Digital, a financial technology company based in Africa. This partnership is designed to improve Africa’s financial system by using blockchain technology. Shiga Digital helps companies with virtual accounts, foreign money transfers, safekeeping money and over-the-counter (OTC) trading. USDT is a stablecoin connected to the U.S. dollar and will be used by these services.
Tether and Shiga Digital Simplify Cross-Border Payments in Africa
The move is significant, as a lot of African companies encounter difficulties when sending payments abroad and exchanging money. However, because of USDT, Shiga Digital can ensure that its transactions are fast, affordable, and reliable. In particular, this will benefit companies in the oil and gas sector, whose international money transfers are often held up and cost more.
In addition, this partnership marks a major success for freelancers in Africa. Freelancers and small business owners can now get payments from overseas without needing a traditional bank. It is common for banks in several parts of Africa to be either restricted or difficult to use. Because of this, USDT and similar blockchain products provide a safe and widely available alternative.
Furthermore, Shiga Digital backs Tether’s objective of offering financial freedom to all users. Thanks to building their services using blockchain and USDT, Shiga Digital is making it possible for previously disadvantaged people to join the global economy. This may consist of individuals who do not bank traditionally and are residing in areas affected by unstable currencies and inflation.
The digital finance space in Africa is growing fast. Just as an example, the central bank of Morocco is currently developing a new law about cryptocurrencies. In the same way, countries in Africa are starting to focus on digital currencies. Firms are now using these tools to carry out overseas payments and secure their money. For this reason, Tether’s work with Shiga Digital arrives at a good moment for its users.
Shiga Digital Enables Direct Dollar Transactions via USDT
Paolo Ardoino, CEO of Tether, points out that “Stablecoins are what keep the financial system moving toward transformation. They hope that working with Shiga Digital will help us improve the financial services for Businesses in Africa. In addition, they are working together to make a blockchain-based future.
In the same way, Abiola Shogbeni, CEO of Shiga Digital, spoke about his belief that money should be managed in a decentralized way in the future. He imagines that in the future, people will include stablecoins in their everyday transactions, savings, and commerce. Coin explained that giving people control over their money without using banks might allow them to save more. The vision is in perfect keeping with Tether’s objectives.
At this moment, Shiga Digital is developing a system where users can use USDT to pay for goods and services. This means that US dollars can be used directly where needed. By doing so, purchases and money transfers will go more quickly, be less of a hassle, and give more certainty.
Overall, Tether’s involvement with Shiga Digital is a clear sign of its purpose to increase blockchain innovation in Africa. With this partnership, the continent can bring in more people and businesses, so that financial markets are fair and include many individuals.