STABLECOINS | How Sora Financial Technologies (SFx) is Using USDC to Modernize Remittances Between Africa and Turkey

Traditional cross-border payments between Africa and Turkey have long been plagued by high costs (ranging from 4% to 12%) and multi-day delays. Sora Financial Technologies (SFx) is changing that narrative by leveraging USDC to create a near-instant financial bridge.

By utilizing Circle’s stablecoin infrastructure, SFx allows users – primarily international students and professionals – to move money across 14 African countries and Turkey in seconds.

“We wanted to do something that is reliable, and also that is going to be the modern way for Africans in the diaspora to move money, pay school fees, support families, and also run small businesses – without the fear, the delays, and also most importantly, the added cost,” said Muqaddis Kolawole, SFx’s Co-Founder.


Key features of the SFx Money App include:

• Zero Transfer Fees: Drastically reducing the financial burden on migrant workers and students.
• Seamless Conversion: Users can hold value in USD-pegged assets and convert to local currency on demand.
• Financial Inclusion: By removing the requirement for traditional bank accounts, SFx provides a lifeline to unbanked communities, such as Congolese expats, who can now send money home in minutes rather than days.

“Cross-border transfers in Africa are often slow, usually it costs between 4% to 12% fees in many corridors,” said Kolawole.

“What we did was that we fixed that by using stablecoin, essentially USDC, onchain rails, and local payment integration.”

The Congolese expat community in Cyprus has traditionally relied on a global remittance provider to send and receive money to and from the Democratic Republic of Congo – a process that can take up to 48 hours and require visits to physical locations. Now, with SFx, folks have cut transfer times down to minutes with no bank account required.

“SFx is a powerful example of what inclusive innovation looks like,” said Elisabeth Carpenter, Chief Strategic Engagement Officer at Circle.

“By addressing meaningful, everyday pain points with the reliability of USDC, SFx is giving people the freedom to move their money securely, nearly instantly, and with dignity.”

SFx stands as a powerful example of how ‘invisible’ blockchain plumbing can solve real-world pain points with speed, dignity, and transparency.

SFx is a member of the Circle Alliance Program (CAP), a selected group of businesses building with Circle. Some notable members within Africa include:

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• CoinMENA

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• EdenFi

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• Flutterwave

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• PayD

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• Shiga Digital

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• VALR

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• cNGN

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