Circle taps Onafriq to cut Africa’s cross-border payment costs with USDC
Circle has partnered with Onafriq, Africa's largest payments gateway, to facilitate cross-border payments using USDC, aiming to reduce costs and enhance trust in financial transactions. The integration will leverage Onafriq's network, which connects over 500 wallets and 200 million bank accounts across more than 40 countries. Currently, over 80% of intra-African transactions go through correspondent banks outside the continent, incurring approximately $5 billion in fees annually. Circle's vice president highlighted Africa's potential for digital asset innovation, particularly stablecoins. By October 2024, stablecoin transactions represented about 43% of Sub-Saharan Africa's total transaction volume, influenced by currency devaluation. Circle is also expanding globally, having launched the Circle Payments Network (CPN) to streamline fund movement and settlement with over 20 partners. Additionally, Circle received approval to operate as a regulated money services provider in the UAE.
