Lipaworld, a fintech company, is planning to launch a stablecoin-powered payment card in an effort to overcome a long-standing financial access gap that has kept millions of informal labourers, gig workers, and migrants out due to exorbitant costs, paperwork, and outmoded banking standards.
While the initiative is currently in its beta phase, Jonathan Katende, founder of Lipaworld, told ITWeb Africa that the firm is targeting a public launch in mid-April.
This will begin in South Africa and the United States, followed by a phased rollout across key African markets.
He said: “From there, we plan to expand into markets such as Nigeria and Kenya, before gradually making the card available globally as regulatory approvals and infrastructure are finalised.”
According to Lipaworld, the card enables users to spend stablecoins, which are digital currencies tied to real-world assets such as the US dollar, at any POS system that supports traditional card payments like Visa.
Moreover, no bank account is required.
This allows users to transact, receive payments, and participate in the digital economy utilising reliable digital value rather than relying on outdated systems.
The introduction of the Lipaworld stablecoin card addresses the barriers to digital currency adoption.
Although stablecoins are becoming more popular in Africa for remittances and low-cost cross-border payments, many users continue to struggle to spend them at card-accepting businesses, particularly informal or cash-based customers who want to shop online or pay for subscriptions.
Lipaworld asserts that the solution bridges the gap by integrating with existing card networks, removing the need for intermediaries or traditional bank-issued accounts.
It converts stable digital value into spendable cash-equivalent value instantaneously and securely, with no waiting periods or excessive conversion charges.
“Most so-called ‘financial inclusion’ efforts still expect people to fit into systems that exclude them by design. Our focus is to create a user experience that works in people’s real lives, specifically where they earn, trade, and spend,” said Katende.
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