HONEYCOIN AND TETHER TARGET CURRENCY RISK FACING AFRICAN TRADERS

As currency volatility continues to squeeze African traders and importers, fintech company HoneyCoin has announced a collaboration with Tether to integrate USDT payments into its merchant payment systems.

The partnership will allow merchants to accept USDT alongside mobile money and card payments, both online and in-store. Pilot rollouts will begin in Kenya, Nigeria and Ghana, focusing on small and medium-sized businesses involved in cross-border trade.

HoneyCoin says many African merchants lose value through foreign exchange conversion costs, long settlement times and sudden currency swings. By accepting dollar-backed payments, businesses can settle transactions faster and reduce exposure to local currency depreciation.

“For traders operating across borders, predictability matters more than anything,” said HoneyCoin CEO David Makuku Nandwa. “This is about giving businesses a practical way to get paid in a stable currency without changing how they already operate.”

The announcement follows HoneyCoin’s US$4.9 million seed funding round led by Flourish Ventures, with participation from Visa Ventures, TLcom Capital and other investors. The company says the funding is being used to expand its merchant network, strengthen compliance systems and support multi-country operations.

USDT is the most widely used stablecoin globally. HoneyCoin says it will work with regulators and local partners as it expands stablecoin acceptance, with a focus on transparency, consumer protection and regulatory compliance.

HoneyCoin plans to announce additional market launches and publish merchant adoption data later this year.