Circle and Onafriq Partner to Revolutionize African Cross-Border Payments with USDC
Circle, a leading stablecoin issuer, has joined forces with Onafriq, Africa’s premier payments gateway, to dramatically reduce the exorbitant costs associated with cross-border transactions across the continent. This innovative partnership leverages the stability and efficiency of USDC to facilitate seamless financial transfers.
According to a recent press release, Circle’s integration of USDC within Onafriq’s extensive network—connecting over 500 wallets and 200 million bank accounts across 40+ countries—promises to transform how money moves within Africa.
“Integrating USDC simplifies transactions, cuts costs, and builds greater trust,” stated Onafriq’s founder and CEO, Dare Okoudjou. This sentiment underscores the potential for USDC to boost confidence in digital financial services across the region.
Currently, a staggering 80% of intra-African transactions are processed through foreign correspondent banks, incurring substantial fees—estimated at $5 billion annually. This partnership aims to directly address this challenge.
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Unlocking Africa’s Stablecoin Potential
Miriam Kiwan, Circle’s VP for the Middle East and Africa, highlighted Africa’s immense potential for digital asset innovation, particularly in the adoption of stablecoins for cross-border payments. “Our collaboration will reshape how money crosses borders, creating secure and transparent digital payment rails,” she stated.
By October 2024, Chainalysis data revealed that stablecoin transactions accounted for approximately 43% of Sub-Saharan Africa’s total transaction volume, a trend largely attributed to currency devaluation.
The significant depreciation of the Nigerian Naira, exceeding 100% in 2024, further underscores the need for stable and reliable payment solutions.
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Circle’s Global Expansion Strategy
This collaboration with Onafriq aligns perfectly with Circle’s broader global expansion strategy focused on increasing USDC adoption. The launch of the Circle Payments Network (CPN) in April 2025 represents a significant step in this direction.
CPN, a consortium of financial institutions, aims to revolutionize global fund movement and settlement using stablecoins. With over 20 partners, including prominent players like World Remit and Yellow Card, and advisory support from major banks, CPN is poised to disrupt traditional cross-border payment systems.
Further solidifying its global reach, Circle received in-principle approval from the Abu Dhabi Global Market’s Financial Services Regulatory Authority in April 2025, allowing it to operate as a regulated money services provider in the UAE.