African freelancers and students receiving money from abroad often face a frustrating reality. Payments take days to arrive and a large portion of their earnings disappears in bank fees. A new partnership between Noah and Nafolo is aiming to change that by introducing stablecoin-powered virtual bank accounts for users across Sub-Saharan Africa.
The initiative is designed to make it easier and cheaper for people in the region to receive international payments. Instead of relying on traditional bank transfers that pass through multiple intermediaries, the system uses blockchain infrastructure to move funds quickly and at a lower cost.
For Africa’s growing remote workforce, the impact could be significant. Developers, designers and other professionals working for international companies often lose close to 10 percent of their income when payments pass through foreign banks. The new system allows them to receive their earnings directly in digital dollars, helping them keep more of what they earn.
The service is already in use. Around 50,000 users are currently on the platform, which processes about $5 million in payments every month. The companies say demand is growing steadily and could reach half a million users before the end of the year.
A Faster Way to Receive International Payments
Sub-Saharan Africa remains the most expensive region in the world to receive international transfers. Many payments still move through the SWIFT system, which can take up to a week to settle and often involves several banks that each charge a fee.
The partnership between Noah and Nafolo replaces that process with a digital payment structure built around stablecoins.
Under the system, Noah issues virtual bank accounts in euros or US dollars to users in Africa. Employers, family members or institutions abroad can send money to those accounts through regular transfers such as SEPA payments.
Once the money arrives, Noah’s system converts the funds into US dollar-pegged stablecoins such as USDC or USDT. The funds are then delivered instantly to the Nafolo app, where users can access them right away.
This approach reduces both the time and the cost involved in receiving international payments. Instead of waiting several days, users can receive their money in minutes. It also removes many of the bank charges that typically reduce the final amount received.
Supporting Workers, Students and Families
The platform focuses on two groups that depend heavily on international payments: remote workers and people receiving financial support from abroad.
Africa’s remote workforce has expanded quickly in recent years as global companies hire talent from the continent. At the same time, millions of students rely on stipends or family support sent from overseas to cover tuition and living expenses.
Through the new system, users can hold their earnings in digital dollars inside the Nafolo app. This can help protect their income from local currency volatility and inflation, which has recently reached around 22 percent in some African markets.
Users also have the option to convert their funds into local currency when needed. The app allows withdrawals to mobile money services, payments for utilities and other everyday transactions, as well as spending through physical or virtual cards.
For Nafolo, which focuses on international money transfers involving African users, the partnership strengthens its financial services offering. For Noah, the collaboration expands its payment infrastructure into a market where demand for faster and cheaper cross-border transfers is rising.
With remote work continuing to grow across the continent, reliable payment systems are becoming an important part of the digital economy. By reducing fees and speeding up transfers, the partnership between Noah and Nafolo could help thousands of African professionals receive their earnings more efficiently and participate more fully in global markets.
