Intra-African trade is on a rise as more business owners across different African countries now depend on imports from each other for their own individual local production. At the backbone of this trade are cross border banking and fintech institutions that power the payment for goods and services. These transactions are a signal that more people across Africa are starting to adopt digital payments and the digital economy is growing. This is due to rising internet penetration, and mobile phone usage across Africa.
With over 100 million e-commerce users in countries like Nigeria and Kenya combined, the value of digital payment is predicted to reach US$174 billion by 2024. This number will keep growing due to the expansion of businesses across Africa.
However, there’s a limitation to this growth; African digital payment systems are fragmented because of the differences in the methods of payment collections and multiple currencies across 54 countries. To make this worse, the volatile currency exchange rates which increase transaction costs make cross border trade and payments tougher. The volatility of exchange means businesses can’t make long-term plans that guarantee continuity and stability.
So, there’s a strong need for a cohesive, reliable, and disruptive cross-border payment solution that can reduce all the limitations with cross border payments.
The need for one gateway that removes all the limitations.
That’s the problem Kora is solving; to make it easy for business owners in different African countries to trade and pay each other. This aligns with the company’s vision to create an Africa void of financial payment barriers.
Kora is a cutting edge payment processor and gateway that allows businesses to collect payments from their customers through cards, bank transfer or mobile money. With the multiple payment options, businesses who use Kora can offer their customers the most convenient method of payment. With the multi-currency support, business owners in Nigeria, Kenya and Ghana can use Kora to accept payments in their local currency.
Kora was built on the unwavering commitment to transforming cross-border payments in Africa. The company embodies a customer-centric approach which is why it creates user-friendly solutions and responsive localized services. These services enable companies to unlock their full potential, grow and scale rapidly across Africa. The company’s API has been integrated by a HR company as a solution for payroll automation; a logistics company to help facilitate smooth and easy receipt of payments; and even another fintech company where it has helped facilitate loans and other alternative financial products.
Kora solutions so far have played a pivotal role in expanding markets and nurturing innovation for businesses. Its customers reference its affordability, security, the quickness of transactions and resolutions, and also the efficiency of customer support whenever they encounter problems. By providing a seamless cross-border payment API for businesses, the company has made cross-border transactions and expansion smoother and more efficient for Africans.
One thing that stands out for the company is that it recognises the need to build for businesses based on their level of technology and sophistication. For example, you can either collect payments using Kora’s APIs, use their Checkout feature which is built for low code businesses or Payment Links which require no code.
This makes it easy for any type of business to grow and scale across Africa.
Kora’s solutions play a pivotal role for businesses who want to grow and expand across different markets in Africa, especially Nigeria, Ghana and Kenya. With its robust easy-to-integrate API, Kora is pioneering the revolution of cross-border digital payments and is shaping the future of business across Africa.
Contact Kora today and get an easy-to-use payment API to supercharge your business.
