Pan-African payments infrastructure, Kora, has launched USD card-acquiring to allow merchants on its platform to accept payments in US dollars. This move is aimed at enabling Kora’s merchants to create truly global businesses and contribute to accelerating Africa’s participation in global trade.
Kora’s head of product, Sandra Israel-Ovirih, said, “Incorporating USD card payments has been a priority for a while now. This will be a game changer for African businesses selling to a global market.”
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Kora plans to launch a multicurrency bank account product that allows its merchants to access banking solutions currencies like EUR, GBP and USD via the Kora platform.
“We want the merchants we serve to scale globally. Giving them the option to accept USD is an important milestone in this effort,” said Dickson Nsofor, Kora chief executive. With a single integration, Kora powers businesses to accept payments, make payouts to customers, and settlements across multiple payment channels.
The company is focused on Africa but aims to contribute to global trade acceleration. Despite an increase in Africa’s participation in global trade, the continent’s contribution is still only around 3%. This initiative is expected to have a significant impact on Africa’s participation in global trade.
Earlier this year, Kora launched a series of merchant-facing initiatives, including changing its name to Kora, moving its domain name to www.korahq.com, and launching a new corporate website. As a pan-African payment infrastructure, it offers a robust payment API for payment collections, disbursements, and cross-border settlements with offices in Nigeria, Canada, and the United Kingdom.
Experts believe that Kora’s latest product launch will have a significant impact on Africa’s participation in global trade. The ability for merchants on its platform to accept payments in US dollars is an important milestone that will allow African businesses to compete in a global market. This initiative will enable businesses to scale globally and contribute to Africa’s participation in global trade, which currently stands at around 3%.
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