Kredete expands stablecoin-backed Visa credit card from 50 African countries into the Gulf region after completing Visa Africa accelerator

The Nigerian fintech, which launched what it describes as Africa's first stablecoin-backed credit card in partnership with Visa, is now preparing to go live in the UAE, Saudi Arabia and Oman

Kredete, a fintech company founded in 2023 by Adeola Adedewe that provides stablecoin-powered financial services to African consumers and diaspora communities, has announced plans to expand its stablecoin-backed Visa credit card into the Gulf Cooperation Council (GCC), with launches planned in the UAE, Saudi Arabia and Oman. The announcement was made during the Visa Africa Fintech Accelerator Cohort 5 Demo Day at GITEX Africa in Marrakech, where Kredete was recognised as an alumni of the programme's third cohort.

The card, which Kredete describes as Africa's first stablecoin-backed credit card co-developed with Visa, is currently available across 50 African countries and accepted at more than 150 million merchants worldwide through the Visa network. It is built on USDC, a U.S. dollar-backed stablecoin, and settled over multiple blockchain networks. For users, this means transactions are denominated in a dollar-pegged currency rather than local currencies, which addresses three problems common in cross-border spending from African markets: high foreign exchange fees, limited merchant acceptance of local payment methods and exposure to currency volatility.

Kredete's broader platform combines cross-border money transfers, stablecoin payments and a credit-building system that uses financial activity, including remittances sent to family members, as inputs for creditworthiness assessment. The company's position is that regular cross-border financial support, which millions of African diaspora members provide but which traditional credit systems do not recognise, should count toward building a credit profile.

The Visa Africa Fintech Accelerator, through which Kredete accessed mentorship, strategic guidance and Visa's global network, has now supported more than 100 startups across the continent, with participating companies representing a combined valuation of $1.4 billion.

"Our vision is simple: if you support your family financially, that should count toward your creditworthiness. We're building a system that rewards financial responsibility across borders and making sure that the millions of Africans abroad are finally seen, scored, and served. Being recognized through the Visa Africa Fintech Accelerator has accelerated our ability to deliver on that mission at scale," said Adeola Adedewe, Founder and CEO of Kredete.