• Tuesday, July 16, 2024
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BusinessDay

Kora launches USD card-acquiring to boost crossborder payment

credit cards

Kora, a pan-African payment company has launched USD card-acquiring to enable merchants on its platform accept payments in US dollars.

According to the payment company, the product aims to help Africa’s participation in global trade by making payment easily accessible.

Sandra Israel-Ovirih, head of Product at Kora speaking on the new product 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.”

The product, according to the company, allows merchants to receive customer payments using various popular payment methods, including mobile money, bank transfers and cards.

Dickson Nsofor, chief executive officer, Kora said by introducing USD card-acquiring, the company plans to enable its merchants to create truly global businesses.

“We want the merchants we serve to scale globally. Giving them the option to accept USD is an important milestone in this effort.

“The focus is on Africa. But despite an increase in Africa’s participation in global trade, our contribution is still only around 3 percent. Giving African businesses the ability to accept global payment will accelerate Africa’s contribution to global trade,” Nsofor said

He said the company’s next target is to launch a multicurrency bank account product that allows our merchants to access banking solutions currencies like EUR, GBP and USD via the Kora platform.”

The company said USD card-acquiring product is the latest in a series of merchant-facing initiatives launched by the company in 2023.

Kora added that the product is also the latest to it’s suite of currencies that include NGN bank account issuing, payins, payouts and cross-border settlement across multiple countries.