Franklin Peters, founder and CEO of Boundless Pay, has advocated the use of blockchain technology as a solution to some of Africa’s longstanding remittance challenges.
Peters, a Nigerian computer scientist, entrepreneur, business mentor and blockchain enthusiast, has built his career around developing technology-driven solutions aimed at simplifying financial transactions and improving access to digital finance.
He is also the founder of Bitfxt Technology, a blockchain company focused on creating simplified products for everyday users. His work in the blockchain space has earned him the nickname “Blockchain Oracle” due to his insights and projections on emerging trends in blockchain and financial technology.
Peters’ interest in improving cross-border payments was shaped by a personal experience in 2014 when he attempted to transfer money to China through Western Union for a business transaction.
According to him, the transfer was declined after he reached the bank because the institution had exceeded its weekly quota for transfers to China.
The experience, he said, exposed the difficulties associated with traditional international money transfers, including restrictions, delays and transaction fees.
However, in 2016, Peters discovered how blockchain technology and Bitcoin could provide an alternative.
He recalled being able to remit more than $1 million to China from his room in Festac, Lagos, while paying less than $1 in network fees.
The experience strengthened his belief in the potential of blockchain to transform international payments.
Peters has since focused on developing solutions that can make remittances faster, more accessible and less costly, particularly for Africans.
He noted that remittances play an important role in the lives of many African families, supporting education, businesses, household expenses and other financial responsibilities.
For Nigeria, he highlighted the significant growth in diaspora remittances, which increased from $17.21 billion in 2020 to $19.2 billion in 2021.
According to Peters, the growing demand for cross-border transfers demonstrates the need for more efficient systems capable of reducing the costs and delays associated with moving money internationally.
He believes blockchain technology can help address some of these challenges by enabling faster transactions while reducing certain intermediary and network costs.
Beyond remittances, Peters has also pointed to blockchain’s potential role in improving financial transparency and combating fraud.
He explained that blockchain networks can make transactions visible and traceable, offering a different model from traditional centralised financial systems.
Through Boundless Pay, Peters’ vision is to make digital payments easier for people around the world, beginning with Nigerians and other Africans.
His work continues to focus on applying blockchain technology to practical financial challenges while promoting greater understanding and adoption of emerging technologies across Africa.
Peters is a fellow of the Institute of Management Specialists and Tekedia Institute, as well as a vice president at the Stakeholders in Blockchain Association of Nigeria.
He has also been featured by platforms including Vanguard and Fintech Nigeria, where he has shared perspectives on blockchain, finance and technology.
He is the author of Mistakes Of A 1st Time Millionaire and is known for his emphasis on consistency, patience and community building as important elements of entrepreneurial success.
