Many businesses across Africa depend on bank partnerships and Fintech solutions to facilitate cross-border payments. There are 42 different currencies in the continent derailing trade flow and limiting enterprise expansion. When banks in some countries face a forex crunch, they introduce capital controls that impede imports by small-scale suppliers.
The Fintech industry has rapidly transformed the monetary system by allowing customers to make payments wherever they are. However many Fintech options are still localized payment solutions that do not transcend their regions of origin. For cross-border payments, a majority of businesses prefer banks for security and efficiency.
There is a need for a Fintech solution that would integrate all forms of payment and accept transactions in every currency. This would help Small and Medium-sized enterprises (SMEs), International Trade Companies, and E-commerce businesses attract customers from anywhere in Africa.
Kora is one Pan African payment infrastructure that can help businesses in Africa grow beyond their borders. The firm was founded in 2017 to help businesses accept payments from their customers and perform seamless transactions. It has grown immensely to benefit businesses in other ways. In the dawn of its expansion into Kenya and Ghana, the firm has set its sights on unveiling revolutionary solutions that would provide scalability to your business.
In this article
Expanding your Business
African economies are among the fastest growing in the world. With emerging markets comes the capacity for expansion. Local Fintechs have lumped previously unbanked populations into the financial tunnel. They have also made transactions faster and easier in the individual countries they operate in.
But with more than 277 mobile wallets across Africa, businesses have a difficult time expanding into other continental nodes. Kora intended to solve this problem by embracing currency diversity. It is no longer necessary for a business to expand physically into new markets to capture its prospective markets. The business can utilize online payment opportunities to connect with potential clients across borders. Kora allows your customers to pay for your product in Naira, Ghanaian Cedis or Kenyan Shillings. Currency diversity helps your business to glide through different markets without sidelining others thus maximizing profitability and opening up collaboration opportunities.
Kora also integrates a wide range of payment methods that allow simplified payments. You can receive payments via any mobile money, bank transfers, and cards. By helping you to penetrate markets with different financial infrastructures, Kora pursues its vision for Africa without digital financial barriers. Parallel to this vision should be an entrepreneur’s desire for business expansion.
Customer Satisfaction in Payments
Businesses that use Kora enjoy a seamless payment engine that’s flexible and gives their end user a smooth payment experience.
With Kora, your customers are not limited to a narrow range of digital payment options. Kora gives your customers a wide range of channels making it convenient for you to accept payments from them.
Completing transactions is fast and easy. Your customers can receive their purchased products at a convenient time. Many delays witnessed within cross-border business transactions are largely due to payment hitches between commercial banks. Kora is an innovative approach to streamlining the payment process, ensuring quality customer experience in Africa.
Efficiency
The main aim of digital financial solutions in Africa is to simplify the transaction process between a client and a business. Kora’s dashboard and API have been designed in a manner that helps businesses track their financial transactions easily. The company’s user-friendly platform has also collaborated with 250 major commercial and microfinance banks in Africa to ensure business owners can implement immediate payouts to their accounts.
The company’s digital platform also offers round-the-clock support to businesses when they are stuck. Businesses can receive support on how to navigate the platform when making payouts or implementing our APIs.
Innovation
Africa is a vast continent with different jurisdictions. It is not enough to institute seamless transactions within a digital payment platform. Safety should be guaranteed. Kora is part of a strict anti-fraud network that looks forward to protecting businesses and customers from dubious transactions. Through multi-factor verification and data encryption facilities, customers can be assured that their cross-border payments are safe.
Kora also supports other startups to help give their customers a personalised payment experience. For instance, MyXalary, Oystr Finance, and GIGL. This reveals the crucial role that Kora plays in the financial market and Africa’s growing economy. Many industries in the continent were slugging down due to digital trade barriers and Fintech fragmentation which Kora seeks to resolve, positioning the firm as the future of Fintech in Africa.
READ; Central Bank of Kenya Joins the African Payments and Settlement Network (PAPSS)
