SFx Money app

SFx Money is a mobile-first cross-border payments application built by Sora Financial Technology Inc. that enables African diaspora communities to send, receive, and spend money across more than twenty countries at zero transfer fees. The app uses USDC stablecoins settled on blockchain rails, including Solana, to move value in seconds rather than the days typical of legacy wire transfers and traditional money service bureaus.

The Problem It Solves

Cross-border remittances into and within Africa carry some of the highest fees of any corridor globally — routinely 4 to 12 percent per transaction. For a student in Istanbul sending tuition fees to a family in Lagos, or a migrant worker in the UK covering school costs in Nairobi, those fees compound over dozens of transfers per year. Settlement delays of 24 to 48 hours add a further layer of uncertainty, particularly when exchange rates are volatile. SFx was built to eliminate both friction points simultaneously.

Co-founders Muqaddis Kolawole and Martins Chiwenyte Chidume experienced these pressures directly as international students and professionals before building the app. In the words of Kolawole: "We wanted to do something that is reliable, and also that is going to be the modern way for Africans in the diaspora to move money, pay school fees, support families, and also run small businesses — without the fear, the delays, and also most importantly, the added cost."

How It Works

SFx operates as a USDC-centric digital wallet. Users load funds using local bank accounts, mobile money networks, or direct on-chain deposits of USDC or USDT. Once funds are in the SFx wallet, peer-to-peer transfers happen instantly via username — with no transfer fee — across more than twenty countries spanning Africa, the US, Europe, and the UK. On the receiving end, funds can be withdrawn to a local bank account or mobile money provider in the recipient's local currency.

The app also issues a virtual Visa card accepted at over 150 million merchants worldwide, enabling everyday spending of stablecoin balances without needing to cash out first. Multi-currency accounts support USD, EUR, GBP, NGN, and seventeen or more African currencies, giving users flexibility to hold value in whichever denomination suits them. No bank account is required to create an account or receive money — a deliberate design choice for markets where large portions of the population remain unbanked or rely primarily on mobile money.

Solana Integration

On February 27, 2026, SFx expanded its blockchain support to include the Solana network, allowing users to fund and withdraw USDC and USDT through Solana directly. The addition of Solana strengthened an already multi-network strategy, giving users control over which network to use based on speed, cost, and wallet compatibility. Solana's near-instant finality and sub-cent transaction fees make it particularly suited to small, high-frequency remittance flows, where per-transaction gas costs on slower networks would erode the fee savings the app is designed to provide.

USDC is the dominant settlement asset on the platform, with Circle serving as a key infrastructure partner. The integration is especially relevant for migrants, freelancers, and global users who rely on stablecoins for everyday transactions, remittances, and digital savings — populations for whom Solana's cost profile is a material advantage over alternatives.

Compliance Infrastructure

Sora Financial Technology Inc. is incorporated in Delaware, USA and registered with FinCEN as a Money Services Business. The company operates offices in Dover, Delaware and Samsun, Turkey — a geographic footprint reflecting its early focus on Africans based in Turkey before the platform expanded to serve diaspora communities across Europe and the US more broadly.

The Sumsub identity verification platform powers KYC and AML screening across the supported corridors. That partnership covers identity verification for users across Nigeria, Uganda, Tanzania, Kenya, and other African nations, including support for alternative verification methods for users without traditional government-issued identification. Martins Chidume, co-founder and CEO, described the partnership as enabling the company to "combine fast, affordable financial services with world-class compliance."

Operating remittance corridors across fourteen or more African countries, multiple European jurisdictions, and the US requires navigating a complex multi-regulator environment. The compliance-first posture is structural, not cosmetic.

Traction

Between its early growth phase and June 2026, SFx grew from fewer than 800 users to more than 8,600 active users. Total payment volume in the roughly fifteen months from March 2025 through June 2026 reached approximately $11 million, with approximately $6.5 million of that settled directly on blockchain networks across 76,749 transactions. USDC alone facilitated approximately $4.78 million in volume across more than 59,000 transactions during that period. The app carries a 4.8-star rating from over 9,000 user reviews on Google Play.

Broader Context

SFx sits in a rapidly evolving segment of the Solana ecosystem where stablecoin remittances into African markets are gaining significant traction. On-chain data from firms tracking African crypto adoption suggests Solana and Tron together account for roughly 85 to 90 percent of stablecoin transaction volume in Africa — a market shaped by demand for dollar-denominated savings and the practical reality that traditional wire fees remain prohibitively high.

Where early stablecoin remittance products required significant crypto literacy, SFx is designed for users who may not identify as crypto users at all. The wallet, the virtual card, and the username-based transfer flow are all intentionally abstracted away from the underlying blockchain mechanics — which is a prerequisite for mass adoption in the corridors the company targets.