Nigerian-based pan-African payments provider Kora has launched a USD card-acquiring feature to allow its merchants to receive payments in US dollars.
This move is part of Kora’s renewed global strategy and aims to accelerate Africa’s involvement in global trade. Since its inception in 2018, Kora has been providing cross-border payment services to ease payment issues for Africans, cutting down on the cost and difficulty of transferring money in and out of Africa.
The platform has evolved into a payment infrastructure that fosters payments made by indigenous and international businesses in and out of Africa.
USD-card Acquiring Feature
Kora’s Payin service allows merchants to receive customer payments using various popular payment methods, including mobile money, bank transfers, and cards. The USD card-acquiring service adds to Kora’s suite of currencies, including NGN bank account issuing, pay-ins, payouts, and cross-border settlement across multiple countries. The Head of Product at Kora, Sandra Israel-Ovirih, said that incorporating USD card payments has been a priority for a while now, and it will be a game-changer for African businesses selling to a global market.
Benefits for African Businesses
The CEO of Kora, Dickson Nsofor, stated that the focus is on Africa, and giving African businesses the ability to accept global payments will accelerate Africa’s contribution to global trade.
By allowing Africans to accept payments in US dollars, Kora is helping to facilitate international trade and investment in Africa. It can also make it easier for African businesses to expand globally and participate in cross-border commerce. Additionally, this move by Kora could potentially attract more foreign investment into Africa by providing an easier way for international investors to do business with African companies.
Kora’s next step is launching a multicurrency bank account product that will allow its merchant clients to access banking solutions in currencies like EUR, GBP, and USD through the Kora platform.
Africa’s e-payments market is evolving, with several e-payment platforms providing unprecedented and innovative initiatives.
In 2021, Africa generated over $24 billion in revenue through e-commerce, and predictions point out that by 2024, the revenue will cross $37 billion.
Flutterwave, Fincra, Payoneer, ChipperCash, PayDay, Grey, and Leatherback are some payment platforms that allow users to make and receive payments in foreign currency.
Kora’s latest feature would significantly benefit merchants as they can create truly global businesses and contribute to accelerating Africa’s participation in global trade.
Overall, this is a positive development for Africa’s economic growth and development, and I am excited to see how this new feature will help to create new opportunities for African businesses and individuals.
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