Korapay

About Korapay

Korapay, operating as Kora, is a pan-African payment infrastructure company founded in 2017 by Dickson Nsofor. The initial concept focused on leveraging blockchain technology to create financial tools for NGOs. Nsofor, a serial entrepreneur with a background in Information Engineering and International Business, was inspired to address the lack of financial access he observed while working at a fintech company in London. He previously founded Lixon Mobile, a low-cost phone company for Chinese and African markets, and worked for organizations like the UN.

In 2019, the company pivoted from a remittance service to a business-to-business (B2B) model, concentrating on providing a comprehensive payment infrastructure for businesses operating in Africa. This strategic shift was followed by participation in the Techstars Toronto accelerator program, which provided crucial exposure and operational growth. A significant milestone was achieved in 2022 when Kora obtained a commercial Payment Service Solution Provider (PSSP) license from the Central Bank of Nigeria. The same year, the company expanded its physical presence by opening an office in the UK.

The firm's business model is centered around its Application Programming Interface (API), which enables businesses to integrate a suite of payment solutions. Revenue is generated from fees on transactions, such as a 1.5% or N2000 fee for card payments. Kora serves a diverse clientele, including startups, fintechs, logistics companies, and e-commerce platforms, helping them accept payments, make payouts, and manage settlements across Africa. The company targets both local African businesses and global companies looking to scale on the continent.

Kora offers a robust suite of products accessible through a single integration. Key services include 'Pay-ins' for collecting funds via cards, bank transfers, and mobile money, and 'Payouts' for disbursing funds, including bulk payments for needs like payroll. The platform provides virtual bank accounts for receiving payments in multiple currencies, customizable payment links, and card issuing services. Security and compliance are central to its offering, with infrastructure that is PCI DSS and ISO certified, featuring fraud detection and real-time monitoring.