Onafriq, Africa’s largest payments gateway, has announced a strategic partnership with Circle, the global stablecoin leader and issuer of USDC. The collaboration aims to transform cross-border payments and digital financial services across the continent by leveraging blockchain and stablecoin technology.
The partnership will introduce USDC-powered settlement solutions into Onafriq’s extensive network, which connects over 500 wallets and 200 million bank accounts across more than 40 African markets. This innovation is expected to significantly reduce transaction costs and improve efficiency in the region.
Currently, more than 80 percent of intra-African payments are routed through banks outside the continent and settled in foreign currencies, mainly the US dollar or Euro. This outdated system costs Africa an estimated US$5 billion annually in transaction fees and slows economic integration.
Dare Okoudjou, Founder and CEO of Onafriq, said:
“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.”
Miriam Kiwan, Vice President, Middle East & Africa at Circle, added:
“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 aligns perfectly with Circle’s mission to promote financial inclusion and improve efficiency where traditional banking has often been costly and inaccessible.”
This partnership marks a new chapter in African financial infrastructure, as blockchain and digital currencies are embraced to build a faster, cheaper, and more inclusive payments ecosystem. The move also aligns with regulatory efforts to ensure responsible innovation in digital finance.
