Onafriq, the African payments gateway, is joining forces with Circle, a stablecoin-focused company and USDC issuer, to transform cross-border payments and digital financial services across Africa.
This collaboration with Circle marks a step towards compliantly leveraging stablecoins and blockchain infrastructure to boost the Onafriq payment network.
Currently, over 80 per cent of intra-African payments route through correspondent banks outside the continent and settle in foreign currencies such as the US dollar or the Euro. This results in $5billion in transaction fees annually, undermining economic integration efforts.
“Our partnership with Circle is an important milestone, reinforcing Onafriq’s commitment to harnessing technology to remove complexity from cross-border payments,” said Dare Okoudjou, founder and CEO at Onafriq. “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.”
Onafriq and Circle are working together to change this paradigm by 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.
“We’re not just envisioning the future of payments – we’re actively building it,” Okoudjou concluded.
Digital asset potential in Africa
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, VP, Middle East & Africa at Circle, said: “The emerging markets that Onafriq serves holds 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.”
