Onafriq Expands USDC Settlements Across Africa to Cut Cross-Border Fees

Africa's largest payments network, Onafriq, is taking a deliberate bet on stablecoins to improve cross-border transactions across the continent. The pan-African payments operator, connecting over 1 billion mobile money wallets and 500 million bank accounts across more than 40 markets, has expanded its use of USDC as a settlement rail for cross-border transactions.

The move builds on a partnership with Circle, the issuer of USDC, which was first announced in April 2025. Onafriq's approach positions USDC as a parallel settlement rail running alongside traditional fiat systems, allowing partners to settle faster and cheaper without replacing their existing infrastructure.

The result is significant: an estimated $5 billion in annual transaction fees could be saved on cross-border transactions that currently get routed through offshore correspondent banks. Onafriq's use of USDC has already accelerated from the original estimate of six months to just four to six weeks, thanks to Circle's API and Mint capabilities.

The company has emphasized regulatory compliance as a non-negotiable element of its stablecoin strategy, holding multiple payment licenses across its markets. CEO Dare Okoudjou has framed the initiative around simplifying transactions and enhancing financial inclusion.