SQRIL expands into Africa with stablecoin-to-fiat QR payments

SQRIL, which provides cross-border QR code payment infrastructure for emerging markets, has expanded into Africa.

In a statement, the fintech said its API now supports stablecoin-to-fiat QR code transactions in Tanzania, Kenya and South Africa.

The rollout is designed to let users pay local merchants using USD-denominated stablecoins, including USDT. Payments can be made by scanning national QR standards or through existing mobile money till systems.

SQRIL founder and CEO Malcolm Weed said: “Africa represents one of the world’s fastest-growing markets for stablecoin utility.

“By integrating stablecoins directly into the local fabric of mobile money and QR codes in Tanzania, Kenya, and South Africa, we are removing the final barriers for digital asset holders to ‘pay like a local’ across the continent.”

The company said the Africa launch includes two payment options aimed at local merchant acceptance. The first is Scan-To-Pay QR Transactions, where users scan a local QR code and SQRIL converts stablecoins into local currency at the point of payment.

The second is Manual Till Integration, which allows users to enter a merchant’s till or paybill number and complete the transaction from a stablecoin balance. SQRIL said this supports mobile money use cases, including services such as M-Pesa.

The company said the expansion builds on its operations in Southeast Asia and Latin America. SQRIL’s current coverage includes Brazil, Argentina, Colombia, Peru and Bolivia, as well as Indonesia, Vietnam, the Philippines, Thailand and Cambodia.

SQRIL is backed by the Plan B VC Fund. The company secured an undisclosed investment from stablecoin issuer Tether earlier this year.

“SQRIL expands into Africa with stablecoin-to-fiat QR payments” was originally created and published by Electronic Payments International, a GlobalData owned brand.

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