Accrue, a Nigerian financial technology company, has launched a banking platform that allows businesses in Africa to hold, send, and receive payments in the USDC stablecoin. The service, which began operations this month, is initially available to registered businesses in Nigeria, Kenya, and Ghana, with plans to expand to South Africa, Rwanda, and Uganda later this year.
The platform is designed to function as a digital business account where companies can convert local currency into USDC, a cryptocurrency pegged to the US dollar. Accrue states that its service aims to address challenges such as high foreign exchange costs, slow settlement times for international transfers, and limited access to dollar liquidity, which are common hurdles for small and medium-sized enterprises (SMEs) trading across borders.
"We are building the rails for cross-border trade in Africa," said Tola Odukoya, founder and chief executive of Accrue. "By using stablecoins, we can reduce the friction and cost that businesses face when moving money between countries." The company, which is registered with the Nigerian Securities and Exchange Commission as a digital asset sub-broker, emphasizes that all client funds are held in segregated accounts with licensed custodians.
The launch occurs as several African nations explore the regulatory frameworks for digital assets. Nigeria's central bank has lifted a previous ban on banks facilitating cryptocurrency transactions, while Kenya is developing regulations for digital asset service providers. Ghana and South Africa have also progressed in defining their approaches to virtual assets. This shifting landscape creates both opportunity and uncertainty for fintech firms building products around stablecoins.
Accrue's model targets a specific pain point in intra-African trade. The African Continental Free Trade Area (AfCFTA) agreement, which aims to create a single market for goods and services, has highlighted the inefficiencies in existing payment systems. Traditional cross-border transfers can be expensive and slow, often relying on correspondent banking networks that are less developed within the continent.
Stablecoins like USDC, which are backed by reserves of traditional currency, offer the potential for faster and cheaper transactions by operating on blockchain networks. However, their adoption for business payments depends on regulatory acceptance, banking partnerships, and merchant willingness to accept them as settlement. Accrue says it will handle the conversion between USDC and local fiat currency for its users, aiming to abstract the underlying technology.
The company's entry adds to a growing field of African fintechs exploring blockchain-based solutions for payments and remittances. Other players, such as MFS Africa and Chipper Cash, have also integrated cryptocurrency options into their cross-border payment products in recent years. The success of such ventures often hinges on navigating diverse national regulations and establishing trust with both businesses and financial authorities.
Accrue reports that it has begun onboarding its first clients and is focusing on businesses engaged in import-export activities, freelance services, and remote work. The platform's fees are not publicly detailed, but the company claims its costs are lower than those of traditional international wire transfers. As the service scales, its performance will be tested by the volatility of cryptocurrency markets, despite the stablecoin's peg, and by the evolving stance of regulators across its operating countries.