London-based fintech startup, Due Network, is expanding into the Nigerian market as revealed by Robert Sargsian, the Co-Founder and CEO, in a recent press conference.
Established in 2022, Due Network has a vision to enhance international payment processes through the use of stablecoins and blockchain technology. The company offers multi-currency accounts, global transfers/remittances, and merchant-acquiring services for businesses and individuals.
Sargsian began the conference by providing insights into Due’s foundational principles. The platform is built on decentralised networks, ensuring accessible, fast, and cost-effective international money movements. What sets Due apart is its non-custodial nature, granting clients complete control and direct access to their assets without intermediary involvement.
“Our platform is non-custodial. It means that when you’re actually buying, let’s say digital dollar, you hold it using your cryptographic key on your device.”
Three Pillars of Innovation
Sargsian outlined the three pillars that form the core of Due Network’s offerings: Vaults, Payments, and Transfers.
- Vaults: Users can hold and manage various currencies online, ensuring full control over their accounts. Due’s non-custodial approach emphasizes user autonomy.
- Payments: Designed for businesses and individuals, this feature allows the acceptance and receipt of payments through various methods, including generating invoices, payment links, or checkouts.
- Transfers: Catering to international transactions, the Transfers product enables users to top up their accounts and send money to vendors globally. This is particularly beneficial for businesses with overseas suppliers and vendors.
As Due Network enters the Nigerian market, Sargsian highlighted the platform’s web-based nature, requiring users to register and, for international transfers, undergo KYC or KYB processes. The initial focus will be on Nigeria, along with 14 additional African countries, including South Africa, Kenya, Ghana, and Tanzania.
“There’s a lot of demand for moving funds overseas and holding digital dollars in Nigeria, and that’s why we actually decided to focus on this market.”
In the short term, Due Network aims to launch corridors between the US, UK, Europe, and Africa, with plans to expand further into Asia Pacific and Latin America in subsequent quarters.
Sargsian also unveiled upcoming features, including a mobile app set to launch in January. Additionally, Due is working on an embedded solution, allowing other financial service platforms to integrate Due’s API and leverage their payment rails.
“Our main goal is to have the biggest coverage as possible and be able to serve as many use cases as possible using our platform.”
Responding to concerns about trust within the crypto market in Nigeria, Sargsian emphasized Due’s vision for a non-custodial approach, ensuring users have full control over their funds. He also acknowledged the uncertainty surrounding crypto regulations but expressed confidence that positive developments will occur, drawing parallels with the evolving regulatory landscape in the US and Europe.
Addressing user control, Sargsian explained two options: connecting an external wallet for heightened security or creating an embedded wallet on the Due platform. The latter option includes robust recovery measures to ensure users never lose access to their funds.
Regarding transaction speed, Due Network utilises Ethereum blockchain and scaling solutions like Polygon for swift and secure transactions. While settlements may take up to an hour, Due is continuously working to enhance speed, especially in regions like the US where instant payment networks are being integrated.
In response to questions about the competitive landscape and blockchain’s prominence in Nigeria, Sargsian highlighted Due’s collaborative efforts with local players, leveraging its technology for seamless connectivity and liquidity. Looking ahead, Due Network aims to play a key role in bolstering the expansion of blockchain technology in payments.