NALA has partnered with UK-based payments infrastructure provider Noah to launch a cross-border settlement network that allows merchants in Africa and Asia to receive US dollar payments and convert instantly into local currencies using stablecoins.
The new network is integrated into NALA’s B2B payments platform, Rafiki, which launched in March 2024. It targets global companies operating in emerging markets that face delays, high fees, and trapped liquidity when moving money across borders.
Under the arrangement, Noah provides US dollar virtual accounts that allow businesses to collect funds through standard bank transfers. Those funds are converted into stablecoins in real time, with compliance checks at entry. NALA then settles the value through Rafiki, connecting directly to banks and mobile money networks across its 18-country footprint.
Cross-border remittances into Africa and Asia have exceeded $460 billion since 2022. Average fees to Sub-Saharan Africa remain at 8.16%, while many Asian corridors charge about 5%.
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NALA said demand for stablecoin on- and off-ramps has risen 100x over the past 12 months. Rafiki’s API volumes grew 30x over the same period and now include partnerships with firms such as MoneyGram.
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Key Takeaways
The partnership highlights a shift in how payments infrastructure is being built for emerging markets. Rather than focusing on consumer crypto use, companies like NALA and Noah are targeting business settlement, where delays of 2 to 3 days can strain cash flow and working capital. Stablecoins offer speed, but their impact depends on regulated links between digital dollars and local financial systems. The key constraint has been compliance and access to licensed payout rails. By combining global USD collection with local bank and mobile money distribution, the network aims to remove that bottleneck. For SMEs and platforms operating in high-inflation or dollar-scarce economies, instant conversion from stablecoins to local currency also reduces FX risk and liquidity stress. The model positions stablecoins not as speculative assets, but as backend plumbing for trade, payroll, and platform payouts. As regulators continue to tighten oversight, the next phase of adoption is likely to be driven by compliant infrastructure players rather than consumer-facing crypto products.