Kora, a payments provider based in Nigeria and serving the wider African continent, has launched a new global strategy with the introduction of its USD card-acquiring feature in Africa. This innovative product aims to enable merchants on Kora's platform to receive payments in US dollars, thereby increasing Africa's involvement in global trade.
Since its founding in 2018, Kora has been dedicated to solving payment challenges for Africans by providing cross-border payment services that reduce the costs and complexity associated with transferring money in and out of Africa. Originally established as a platform to help Africans abroad send money to recipients in Africa, Kora has evolved into a robust payment infrastructure that facilitates payments by both local and international businesses in and out of Africa.
Kora's Payin service enables merchants to receive customer payments using a variety of popular payment methods, including mobile money, bank transfers, and cards. This recent initiative is expected to boost Africa's participation in global trade by helping merchants to create truly global businesses and contribute to the growth of Africa's digital payments market.
The African e-payments market has seen significant growth in recent years due to innovative initiatives from promising e-payment platforms. In 2021, Africa generated over $24 billion in revenue through e-commerce, and projections suggest that by 2024, the figure will exceed $37 billion. Impressive e-payment platforms in Africa have attracted funding from international investors, and several payment platforms, such as Flutterwave, Fincra, Payoneer, ChipperCash, PayDay, Grey, and Leatherback, have enabled Nigerians to engage in global buying and selling despite regulations from the Central Bank of Nigeria that limit spending power in international markets.
In light of this, Kora's launch of its USD card-acquiring feature in Africa is a significant development that is expected to benefit the continent's merchants by increasing their participation in global trade. The African e-payments market is gradually catching up with the pace of digital payments in other parts of the world, providing unprecedented opportunities for businesses to thrive. Therefore, Kora's innovative approach to solving payment challenges in Africa is praiseworthy.
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