South African startup Lipaworld has launched a new stablecoin-powered payment card that allows Africans without traditional bank accounts to transact anywhere Visa cards are accepted, either virtually or in-store.
Founded in 2023 by Jonathan Katende and Victor Bagu, both tech operators and immigrants who experienced firsthand how difficult and costly it is to move money across borders, Lipaworld uses an app and business dashboard that gives users access to a self-custodial stablecoin wallet, a virtual USD bank account for receiving international payments, earn yield, access and stablecoin-linked cards.
This aims to close a long-standing financial access gap where millions of informal workers, gig workers, and migrants are locked out due to high fees, paperwork, and outdated banking requirements.
It has now rolled out a card, which allows users to spend stablecoins, digital currencies pegged to real-world assets like the US dollar, at any point-of-sale system that accepts traditional card payments. No bank account is required, which means users can now transact, receive payments, and participate in the digital economy using stable digital value rather than being dependent on legacy systems.
“Most so-called ‘financial inclusion’ efforts still expect people to fit into systems that exclude them by design,” Katende said. “Our focus is to create a user experience that works in people’s real lives, specifically where they earn, trade, and spend.”
