KEY TAKEAWAYS
- Sora Financial Technologies launches the SFx Money App to facilitate seamless money transfers using USDC for African students and professionals in Turkey.
- The app eliminates high fees and delays associated with traditional remittance systems, offering zero transfer fees and instant transactions.
- SFx aims to enhance financial inclusion by leveraging Circle’s infrastructure, allowing users to send and receive funds securely and transparently.
Across Turkey, many African students and professionals face challenges when sending or receiving money from home. The process is often complex, costly, and uncertain. Sora Financial Technologies (SFx), a member of the Circle Alliance Program (CAP), aims to address these issues with its money-movement app powered by USDC, Circle’s USD-pegged stablecoin.
The SFx Money App enables users in Turkey and 14 African countries to seamlessly send and receive USDC. Muqaddis Kolawole, SFx’s co-founder, explained the motivation behind the app, emphasizing the need for a reliable and modern way for Africans in the diaspora to move money, pay school fees, support families, and run small businesses without fear, delays, or added costs.
Transforming Cross-Border Transactions
Traditional remittance systems often involve high fees and long delays. SFx’s founders, who experienced these challenges firsthand as international students and professionals, developed a service to simplify cross-border money movement. The app leverages USDC and its infrastructure to allow users to hold US dollar value and convert it into local currencies seamlessly. Transactions via the SFx Money App are designed to take seconds and carry zero transfer fees.
Kolawole noted that cross-border transfers in Africa are typically slow and costly, with fees ranging from 4% to 12%. SFx addresses this by using stablecoin, specifically USDC, on-chain rails, and local payment integration. The app functions like a digital wallet, allowing users to add funds, send USDC by username, and spend with a virtual SFx card. Transactions in USDC are secure, transparent, and backed 1:1.
Impact on the Ground
The SFx Money App has significantly impacted communities, such as the Congolese expat community in Cyprus. Traditionally, they relied on global remittance providers to send money to the Democratic Republic of Congo, a process that could take up to 48 hours. With SFx, transfer times have been reduced to minutes, with no bank account required.
SFx’s approach extends beyond convenience by pairing Circle’s infrastructure with its app to expand financial inclusion. Elisabeth Carpenter, Chief Strategic Engagement Officer at Circle, highlighted SFx as an example of inclusive innovation, addressing everyday pain points with the reliability of USDC. The app allows migrant workers to send earnings home immediately, students to receive tuition payments without friction, and families to support each other without hidden fees.
By focusing on real human needs, SFx demonstrates how transparent digital infrastructure can help build financial resilience. Each new user and successful transfer adds to a growing network, showcasing the potential for technology and purpose to expand access and opportunity together.
For more information, visit the original announcement here.
Why This Matters: Impact, Industry Trends & Expert Insights
The SFx Money App is transforming financial transactions for the African diaspora in Turkey by utilizing USDC to facilitate seamless and cost-effective cross-border remittances.
Recent industry reports indicate that stablecoin adoption for remittances in Africa is accelerating rapidly. This trend is evident in the SFx Money App’s use of USDC to reduce costs and improve transaction speed for African expatriates in Turkey.
According to FXC Intelligence’s report, USDC is highlighted as a preferred stablecoin for cross-border transactions due to its speed and cost-efficiency. This supports the SFx Money App’s ability to provide fast, low-cost transactions, enhancing financial inclusion for its users.
Explore More News:
Disclaimer: The views expressed in this article are those of the authors and do not necessarily reflect the official policy of CoinsHolder. Content, including that generated with the help of AI, is for informational purposes only and is not intended as legal, financial, or professional advice. Readers should do their research before taking any actions related to the company and carry full responsibility for their decisions.
