Onafriq builds stablecoin rails for African banks, fintechs to speed cross-border payments
Africa’s largest payments network, Onafriq, is building stablecoin infrastructure for banks, fintechs and mobile money operators as it seeks to remove slow and costly cross-border payments across the continent.
Africa’s largest payments network, Onafriq, is building stablecoin infrastructure for banks, fintechs and mobile money operators as it seeks to remove slow and costly cross-border payments across the continent.
The company has partnered with digital asset infrastructure provider Privy to develop regulated stablecoin-powered payment services that will allow financial institutions to settle transactions faster, improve liquidity management and streamline treasury operations where regulations permit.
The move comes as African payment providers increasingly look to stablecoins as a practical solution to the long settlement times and multiple intermediaries that continue to make moving money across African markets expensive and inefficient.
Under the partnership announced on Wednesday, Onafriq will integrate Privy’s enterprise-grade infrastructure to create embedded digital asset services for its partners and, eventually, institutional clients. The first phase will focus on cross-chain stablecoin transfers as well as treasury and settlement workflows, laying the groundwork for broader cross-border payment and liquidity solutions.
For many African banks and fintechs, cross-border transactions can take days to settle because payments often pass through several correspondent banks before reaching their final destination. Stablecoins offer an alternative by enabling faster movement of funds while reducing settlement delays and freeing up working capital.
Luke Kyohere, group chief product and innovation officer at Onafriq, said the partnership reflects the company’s continued investment in technologies that make payments faster and more accessible.
“Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” Kyohere said.
Onafriq said Privy’s technology will allow it to embed secure digital asset wallet capabilities into its products while shielding users from the technical complexity of blockchain technology.
Henri Stern, co-founder and chief executive officer of Privy, said stablecoins are becoming an important part of global payments, but adoption depends on infrastructure that is secure, scalable and easy for businesses to integrate.
“Working with Onafriq allows us to help build that foundation across Africa and beyond,” Stern said.
Beyond payment settlement, the companies plan to support institutional treasury management and liquidity services, positioning stablecoins as financial infrastructure for regulated institutions rather than speculative crypto assets.
The partnership signals a broader shift in Africa’s financial sector, where payment companies are increasingly exploring blockchain-based infrastructure to modernise cross-border commerce. As regulators across the continent gradually develop frameworks for digital assets, industry players see regulated stablecoins emerging as a key tool for making African payments faster, cheaper and more efficient.
