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.
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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
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