Kenyan fintech, Payd, has partnered with UK based payments infrastructure provider Noah to allow its users receive international payments through stablecoins.
The partnership will initially serve more than 30,000 Payd users across Kenya, Nigeria, South Africa and Senegal. Through the integration, users can create virtual US dollar and euro accounts within the Payd app. These accounts include US routing numbers and European IBANs, enabling employers in the United States and Europe to send payments via ACH or SEPA transfers.
Noah converts incoming funds into stablecoins such as USDC or USDT and settles them into users’ Payd wallets in real time. Users can hold the digital dollar balances, spend online or withdraw to local mobile money platforms including M Pesa, Wave and Orange Money.
Payd said the integration replaces traditional correspondent banking processes that often involve multiple intermediaries and longer settlement times. According to industry estimates cited by the company, freelancers working for foreign clients can lose up to 10 percent of income to fees, foreign exchange spreads and intermediary bank charges.
Noah provides backend services including virtual account issuance, compliant collection rails and stablecoin settlement through application programming interfaces. The company announced a similar Africa focused integration with fintech NALA in January.
Payd operates as a financial platform for African professionals earning in foreign currencies. The company said the new feature is available within its app as part of its cross border payment offering.