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Payment inefficiencies are pushing African fintech companies toward stablecoin infrastructure. (Image created
Onafriq has partnered with digital asset infrastructure provider Privy to accelerate the adoption of stablecoin-based payment solutions across Africa.
The collaboration aims to improve cross-border transaction speed and reduce costs for financial institutions and fintechs.
The partnership combines Onafriq’s payments network with Privy’s digital asset infrastructure to support cross-border settlements, treasury operations and liquidity management.
ITWeb Africa has previously reported that African businesses are increasingly adopting alternative payment rails, including mobile money and blockchain-based systems, to address high remittance costs and limited access to foreign currency.
According to the companies, the collaboration will enable Onafriq to develop embedded digital asset solutions for partners and, where regulations allow, institutional clients.
The first phase will focus on cross-chain stablecoin transfers, treasury operations and settlement workflows.
Privy’s enterprise-grade wallet infrastructure will be integrated into Onafriq’s platform to support secure blockchain-based financial services.
Luke Kyohere, Group chief product and innovation officer at Onafriq, said the partnership reflects the company’s investment in technologies that improve payment speed, accessibility and efficiency while complying with regulations.
He said the collaboration supports Onafriq’s strategy of modernising payment infrastructure through digital wallets and cross-border transfers.
Henri Stern, CEO and co-founder of Privy, said stablecoins are becoming increasingly important in global payments and require secure, scalable infrastructure.
The move builds on growing interest in stablecoins across African markets, where they are being used to hedge currency volatility and facilitate international trade.
According to Chainalysis, Sub-Saharan Africa is one of the fastest-growing cryptocurrency markets, with stablecoins accounting for a rising share of transactions.
ITWeb Africa has also highlighted the role of initiatives such as the Pan-African Payment and Settlement System in reducing reliance on correspondent banking, although adoption challenges remain.
The partnership aligns with broader efforts to modernise cross-border payments in Africa, where the Pan-African Payment and Settlement System estimates billions of dollars are lost annually due to high transaction costs.
FinTechOnafriqStablecoinsDigital paymentsCross-border paymentsBlockchainFintechMobile-moneyPAPSSForeign exchangeRemittancesDigital assets
