Onafriq, Africa’s payments gateway, has partnered with Circle, stablecoin firm and issuer of USDC, to transform cross-border payments and digital financial services by leveraging stablecoins and blockchain infrastructure.
Currently, over 80 percent of intra-African payments are routed through correspondent banks outside the continent and settled in foreign currencies such as the US dollar or Euro. This results in a staggering US$5 billion in transaction fees annually and undermines economic integration efforts.
Onafriq and Circle are piloting the use of USDC-powered settlement solutions into Onafriq’s network, which connects over 500 wallets and 200 million bank accounts in more than 40 African markets.
According to Onafriq’s founder and CEO, Dare Okoudjou, “Our partnership with Circle is an important milestone, reinforcing Onafriq’s commitment to harnessing technology to remove complexity from cross-border payments. By integrating USDC, we aim to simplify financial transactions for institutions and individuals, reduce costs, and strengthen trust. This collaboration underscores our vision to democratise access to payments and drive financial inclusion across the globe. We’re not just envisioning the future of payments – we’re actively building it.”
This collaboration is a major step toward a more inclusive and self-reliant pan-African financial system. It signals a new phase in the modernisation of African payment rails – one where blockchain technology is applied responsibly, in lockstep with regulators and financial institutions, to build a faster, more efficient, and economically empowering future for the continent.
Miriam Kiwan, Vice President, Middle East & Africa at Circle, said: “The emerging markets that Onafriq serves hold tremendous potential for digital asset innovation, particularly in the adoption of stablecoins for cross-border payments. Our partnership with Onafriq aligns perfectly with Circle’s mission to promote financial inclusion and improve efficiency in areas where traditional banking has often been costly and inaccessible. Together, we aim to transform how money moves across borders, offering secure and transparent digital payment rails that enhance economic empowerment and connectivity.”