With the expansion of fintech in Africa and the globe, payment has become a breeze. One of the newest companies stoking the fire of this ease in transactions is Korapay.

Korapay is a payment solution created for the African commercial ecosystem. Its major offer is a pay-in and payout structure to allow businesses to receive payment from their customers and make payments to other merchants locally and globally.

There are tons of fintechs like Korapay with which we have become familiar. The company is new, and wanting to know all you can about it is only wise. So, this article is a review of Korapay as a payment solution.

What is Korapay?

The simplest way to describe Korapay as a fintech is that it is a company that facilitates easy payments between merchants and customers around the globe.

Founded by Dickson Nsofor in 2017, the company was created to contribute to the infrastructure enabling easy payments between local African businesses and other businesses or customers around the globe.

As a payment solution, Korapay offers its users a remittance API (Application Programming Interface), enabling Payout, Checkout, mobile money payments, etc. The benefit of using remittance fintech solutions like Korapay is that you can easily send and receive money in your local currency to the UK, US and other countries worldwide. This way, you don’t have to pay high charges when using Western Union or Moneygram.

Korapay Products/Offerings

1. Pay-ins

Here, your customers can pay through card payments, virtual bank accounts, direct debit, or bank transfers.

2. Payouts

This service enables businesses to pay their suppliers or partners. It uses the Kora payout API or the dashboard.

3. Payment links

Businesses can get paid with their own payment links; no code required at all! You can set this up for donations, online payments, and subscriptions.

4. Settlements

How To Use Korapay

To use Korapay, you must have an account. Here’s how you can create your account.

  • Visit the Korapay website and go to the sign-up
  • Fill out the form.
  • Click Create Account, and you’ll receive a verification link via email.
  • Verify your email to finish the registration process.

Does Korapay Support All Countries and Currencies?

At the moment, the company supports limited currencies and countries. Individuals and businesses can use Korapay to receive payments in their local Naira accounts.

Korapay also currently supports payments across 12 states in the US and Nigeria. The company promises that more countries and currencies will be supported soon.

Fees and Exchange Rates For Using Korapay

As there are four product offerings on Korapay, let us look at the fees you’ll be charged for each service.

1. Pay-ins

To use this service to receive money, you’ll be charged a 1.5% o N2000 fee for Card payments. The fees for Virtual Bank Account payments and bank transfers are undisclosed but based on each transaction.

2. Payouts

No specified fees

3. Payment links

No specified fees.

The exchange rates for international payments on Korapay remain undisclosed at the moment. But you could reach out to their customer support for answers.

Comparing Korapapy With Other Payment Solutions in Nigeria

Korapay is the new kid on the block amongst other fintechs in Nigeria and Africa that provide payment infrastructure. From new names like Chippercash, Paystack and Flutterwave to old names like Remita and E-Tranzact, Korapay has several competitors to share the sky with. According to Startuplist Africa, the company has three main competitors in Africa – Torche, Cova and Jumuisha.

Most of these other fintechs also offer gateway services that allow individuals and corporate enterprises to send and receive payments locally and internationally. However, Korapay brings unique features such as settlements and payment links.

The big selling point of Korapay is little to no fees for these payment services. But compared to its competitors, there’s still room for much improvement in supporting other currencies and countries.

Conclusion

Korapay is a new fintech company that utilises easy payment options to help companies grow by enabling them to send and receive payment across Africa and the world.

The low transaction fees stand out as a major plus for this new fintech. The company, however, needs to support more countries and allow the receipt/transfer of other currencies.

Korapay is an excellent startup with a positive potential trajectory. You may choose to use it after careful consideration. Remember that it always helps to do more research before you engage with a new platform. Consider your business needs before you jump in.