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In a bid to boost Africa’s gig and reduce interoperability challenges, leading digital payment service, Visa has announced that it is collaborating with the Bantu Blockchain Foundation (Bantu), custodians of the Bantu Blockchain Network infrastructure.
According to Visa, the collaboration is meant to connect its digital asset-linked Visa cards to the Bantu Network Token (XBN), a utility token developed by Bantu to facilitate fast and secure transactions on the Bantu blockchain.
Furthermore, this integration is expected to significantly reduce the current friction and interoperability challenges when making payments within the continent.
This collaboration according to Visa, will be supported by a major Pan-African bank and leading Visa banking identification number (BIN) sponsor and will open up immense opportunities for increased economic activities in Africa, starting with Zambia, Nigeria, Ghana, Kenya, South Africa, the Democratic Republic of the Congo, Rwanda and at least six other countries. Transactions for all digital assets issued on the Bantu blockchain using Bantu’s XBN tokens is expected to settle in two to four seconds for significantly lower network fees. Visa also noted that it will be issuing virtual cards in conjunction with a BIN sponsor bank and enabler for the BantuPay wallet — the ecosystem wallet of the Bantu blockchain — to help ease the digital asset-to-fiat on-off ramping process.
