Canada-based Neutronpay has partnered with African Lightning payments company Bitnob to improve cross-border payments. The partnership aims to leverage the key capabilities of both companies in order to open up new routes for bilateral trade between Vietnam and Africa using the Lightning Network.

The Lightning Network is a second layer for Bitcoin that utilises micropayment channels to scale the blockchain’s capability and handle transactions in a cheaper and more efficient manner. In essence, this technological solution was created to deal with glitches associated with Bitcoin by introducing off-chain transactions. By joining forces, the two companies aim to address the challenges faced by people in Africa and the rest of the world when searching for affordable and secure cross-border payments.

By leveraging Neutronpay’s Lightning infrastructure in Asia, the partnership allows businesses and individuals to perform transactions using fiat and bitcoin. When it comes to improving financial inclusion and fostering economic growth, the collaboration between Neutronpay and Bitnob could potentially increase the adoption of Lightning and address a growing demand for efficient trade solutions. In essence, the partnership will provide a gateway for individuals and businesses to become a part of the global economy while supporting better trade relationships between Vietnam and Africa.

Neutronpay representatives cited by ibsintelligence.com offered some more details about their partnership with Bitnob and emphasised their goals of providing African businesses with a fast, secure, and affordable way to send and receive money to Vietnam. Bitnob officials cited by the same source had some more data to share, specifically Vietnam’s exports of USD 2.24 billion worth of goods to Africa. Moreover, they talked about trading relations between Nigeria and Vietnam, which increased at an annual rate of about 35% over the past 25 years.

Neutronpay’s expansion efforts Neutronpay is launching new products in a bid to solidify its presence in Canada. In May 2023, the company launched its Lightning-powered app in the North American country and partnered Ditobanx for cross-border remittances. At the time of writing, the app is also available in Vietnam, and Neutronpay plans to introduce it to other nations in the future.

The app has no complicated fee structure or hidden fees, as the company charges a simple 1% spread. It also allows users to pay in their local currency while in another country, which means they no longer have to visit currency exchanges or pay FX fees on their credit cards. .