Nairobi, Kenya – Kenyan fintech company HoneyCoin has successfully raised $4.9 million in funding to expand its stablecoin payment services across Africa and beyond. HoneyCoin aims to transform the large and growing cross-border payments market by tackling common problems such as high transaction fees and slow settlement times.
Founded with the vision to simplify payments on the continent, HoneyCoin uses blockchain technology to offer faster, cheaper, and more secure financial transactions. The recent funding round will accelerate product development, expand its user base, and foster partnerships with financial institutions and regulators.
Challenges in Africa’s Cross-Border Payment Market
Africa’s cross-border payment market faces challenges including:
- inefficiency
- costly fees
- lack of transparency
HoneyCoin’s stablecoin solution provides a digital currency pegged to stable assets, ensuring price stability and reducing volatility risks associated with cryptocurrencies.
Expert Opinion
According to Jennifer Onyeagoro, a fintech industry analyst, “HoneyCoin’s innovative approach positions it to disrupt traditional payment methods and enhance financial inclusion by making cross-border payments accessible and affordable.”
Future Plans and Vision
HoneyCoin currently serves a growing number of users in several African countries and plans to scale operations to more regions in the upcoming months. The company’s mission aligns with the continent’s broader digital transformation and economic integration initiatives.
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