Onafriq Leverages USDC for Efficient Cross-Border Payments Across Africa

Onafriq, a pan-African payments operator, is expanding its use of USDC as a settlement rail for cross-border transactions. The company connects over 1 billion mobile wallets and aims to reclaim $5 billion in annual fees lost due to inefficient correspondent banking.

USDC will operate alongside traditional fiat systems, offering faster and lower-cost settlements. This initiative does not require dismantling existing infrastructure but rather positions USDC as a parallel rail that can process transactions more efficiently.

The deployment of USDC settlements took significantly less time than expected, with Circle's API and Mint capabilities allowing for integration in just four to six weeks, down from the initial estimate of six months.