Kora Adds Stablecoin Support to Payment Infrastructure

Nigerian fintech Kora has launched One Rail, a new product that enables merchants across African markets to accept stablecoin payments (USDT and USDC) and convert them to local currencies through a single infrastructure. This expands on Kora’s existing payment rails, offering a potential solution to high costs and delays in cross-border transactions.

Stablecoins Address Key Pain Points

One Rail allows businesses to receive stablecoin payments, manage conversions, and settle funds to bank accounts or mobile wallets—all within Kora’s platform. This addresses several challenges common in African markets:

  • High FX conversion costs: Converting currencies through traditional channels can be expensive.
  • Slow settlement times: Cross-border transfers often take days due to multiple intermediary banks.
  • Liquidity management: Companies need to prefund accounts in various currencies, tying up capital.

How One Rail Works

When a merchant receives a stablecoin payment through Kora:

  1. The funds arrive in their digital wallet within minutes.
  2. They can convert the stablecoins to local currency when needed.
  3. Settlement to bank accounts or mobile wallets occurs via Kora’s existing infrastructure.

This eliminates the need for businesses to manage multiple payment systems and blockchain complexities independently.

Stablecoin Adoption in Africa

The move aligns with a growing trend among African fintechs seeking stablecoin solutions for cross-border payments. Nigeria alone has seen roughly 60% of all stablecoin inflows into Sub-Saharan Africa since 2019, demonstrating significant market interest.