Credit Bank PLC has partnered with Anzens, the company behind the dollar-backed stablecoin USDA, in a move that could change how cross-border payments are made in Kenya. The two firms are exploring how the solution can be integrated into banking services, subject to approval and ongoing engagement with the Central Bank of Kenya.
The partnership is still in its early stages, but its goal is clear: to see whether regulated stablecoin infrastructure can help improve international payments within a licensed banking environment. If approved, the model would allow a dollar-backed stablecoin to be distributed, minted and redeemed through a licensed commercial bank in an emerging market for the first time.
Under the proposal, Credit Bank customers would be able to convert fiat money into USDA and back again. They would also be able to settle cross-border payments at a flat fee of 1.5%, regardless of the payment corridor. Transactions would start through existing Credit Bank accounts, with money automatically converted into local currency at the destination.
Credit Bank would act as custodian of both Kenyan shillings and US dollars, creating a bridge between traditional banking and stablecoin settlement. The blockchain technology behind the system would remain invisible to the end user, making the process feel like a normal banking transaction.
Anzens CEO Shantnoo Saxsena said the partnership is meant to solve a real problem facing businesses in Kenya and beyond.
“Kenya is home to one of the most innovative financial ecosystems in the world, yet businesses here still pay some of the highest cross-border payment fees globally while waiting days for settlement,” said Saxsena.
He added that the company is not asking banks to become crypto firms, but rather offering infrastructure that can help businesses send money faster and at a lower cost. According to him, a transaction that may currently take a week and cost up to 8% in fees could instead settle in minutes at a 1.5% fee through the proposed system.
The announcement comes at a time when Kenya’s cross-border payment volumes are growing rapidly. Diaspora remittances hit a record $5 billion in 2024, according to the Central Bank of Kenya, making them a major source of foreign exchange. But traditional systems have struggled to keep up with demand.
The statement notes that SWIFT-based correspondent banking often routes payments through three to five intermediary banks, increasing both cost and delay. Settlement can take four to five working days, while remittance charges in Sub-Saharan Africa can rise to nearly 8%, squeezing margins for businesses trading across Asia, the Middle East and Africa.
At the same time, more users are already turning to alternatives. Kenyans processed $3.3 billion in stablecoin transactions in the year to June 2024. Across Africa, stablecoins now account for 43% of all crypto transactions, driven by inflation, currency volatility and the high cost of cross-border payments.
Credit Bank CEO Betty Korir said the lender sees stablecoins as a practical payments tool rather than a speculative asset.
“Credit Bank has always focused on providing our clients with the tools they need to compete internationally. Stablecoins are not speculative assets in this context, they are settlement infrastructure that can move value across borders in minutes instead of days, at a fraction of the cost,” she said.
The partnership also aims to remove one of the biggest hurdles in stablecoin adoption: converting between fiat currencies and digital dollars through regulated channels. By keeping the full cycle inside a licensed bank, businesses would not need to rely on crypto exchanges or unregulated intermediaries.
Beyond payments, the integration could also support tokenised real-world assets. Yeshara, which has regulatory sandbox approval from Kenya’s Capital Markets Authority, is working with Anzens and Credit Bank to enable USDA as a payment option for tokenised real estate and commodity assets, with Credit Bank serving as custodian.
Anzens says USDA is fully backed by dollars and dollar equivalents, including US government treasuries, and that its payment network spans more than 80 countries and 41 currencies. The company says it is dual-licensed in Lithuania and Dubai and has compliance systems covering KYC, KYT and institutional custody.
This partnership, if approved, could offer Kenyan businesses a new way to move money across borders faster, cheaper and through a regulated banking channel. For many firms dealing with long delays and high fees, that would be a major shift.
