Kora, a pan-African payments infrastructure platform, has launched USD card-acquiring, that will allow merchants on its platform to accept payments in US dollars.
The new product is expected to help accelerate Africa’s participation in global trade.
Kora’s Payin service allows merchants to receive customer payments using various popular payment methods, including mobile money, bank transfers and cards. USD card-acquiring is the latest addition to Kora’s suite of currencies that include NGN bank account issuing, payins, payouts and cross-border settlement across multiple countries.
Speaking on the new product, the Head of Product at Kora, Sandra Israel-Ovirih, said: “Incorporating USD card payments has been a priority for a while now. We understand that many businesses operate in a global marketplace and need a seamless payment system to handle cross-border transactions. This will be a game changer for African businesses selling to a global market.”
CEO at Kora, Dickson Nsofor, said: “We want the merchants we serve to scale globally. Giving them the option to accept USD is an important milestone in this effort, and the focus is on Africa. Despite an increase in Africa’s participation in global trade, our contribution is still only around 3 per cent. Giving African businesses the ability to accept global payment will accelerate Africa’s contribution to global trade. Our next step is launching a multicurrency bank account product that allows our merchants to access banking solutions currencies like EUR, GBP and USD via the Kora platform.”