Kora, a leading payment solutions provider in Africa, has launched One Rail, a service that lets merchants manage stablecoin payments alongside traditional currencies. Initially, One Rail sup
Kora, a leading payment solutions provider in Africa, has launched One Rail, a service that lets merchants manage stablecoin payments alongside traditional currencies. Initially, One Rail supports USDT and USDC, both pegged to the US dollar, providing businesses with a more efficient way to handle payments.
With One Rail, merchants can create digital wallets for stablecoin transactions, track payments, and manage balances through a user-friendly dashboard. They can also convert stablecoins into local currencies and settle funds directly into local bank accounts.
This launch matters for African businesses, making international payments simpler and cheaper by reducing the complexity and costs of multiple currencies and slow settlement times. Kora’s One Rail aims to enhance cross-border commerce, giving merchants more freedom to thrive in the global market.
Kora, previously known as Korapay, is a dynamic payments company that was established in 2018 and is based in Dubai. Its mission is to simplify transactions for businesses by providing a robust payment infrastructure that connects them to various financial systems across Africa.
This includes facilitating bank transfers, integrating mobile money wallets, and linking to card networks in key markets like Nigeria, Kenya, Ghana, South Africa, and Egypt.
Businesses can use the same Kora infrastructureImagine a business in Nigeria that wants to receive payments from international customers in USDC, a popular stablecoin. With One Rail, they can effortlessly create a digital wallet through Kora to accept these payments.
This wallet gives them the option to keep the money in USDC or to convert it into naira before depositing it into their local bank account. This simple process helps businesses manage their finances more effectively and efficiently.
One Rail focuses on three key areas to assist businesses: collecting payments, making payouts, and managing treasury operations. Kora provides essential features to get businesses started, including wallet generation, payment confirmations, and manual settlement options.
Similar read: Circle partners Cassava Technologies to bring instant USDC settlements to 30 African countries
For many African businesses, handling cross-border payments can be a challenging and expensive task. The average cost of sending remittances across the continent ranges from 8% to 8.8%, which is significantly higher than the global average of 6.49%. This adds extra difficulty for companies in need of access to US dollars or other foreign currencies.
Kora’s CEO and founder, Dickson Nsofor, highlights the issues businesses face in cross-border commerce, saying, “Cross-border commerce in Africa is hindered by high friction and remittance costs averaging 8–8.8% compared to the 6.49% global average. At the same time, stablecoin ownership in Africa is now at 78%.” His words emphasise the urgent need for more accessible payment solutions.
Notably, stablecoin usage is rapidly increasing across Africa, with a remarkable 78% ownership rate. This growing trend presents an excellent opportunity for businesses to improve their payment systems and reduce reliance on traditional international payment methods.
In summary, Kora’s One Rail is poised to revolutionise how African businesses handle cross-border transactions. It makes payments quicker, more affordable, and much more accessible, paving the way for growth and innovation in the region.
