Onafriq teams with Privy to enable stablecoin payments across Africa

Details: John Tanner; Category: Mobile Finance; 31 July 2026; 579 views

African digital payments network Onafriq announced on Wednesday it is partnering with stablecoin infrastructure provider Privy to drive development of stablecoin-enabled crypto payment services across its network.

The initial phase of the partnership will focus on cross chain stablecoin transfers, and treasury and settlement workflows, which Onafriq said will create the foundation for future cross-border payment and liquidity solutions.

According to Onafriq, moving money between African markets remains a slow, fragmented process that relies on multiple intermediaries and prolonged settlement cycles. Stablecoins – a category of cryptocurrency pegged to fiat currencies, commodities, or financial instruments, which makes it less volatile than cryptocurrencies like Bitcoin – promise a viable alternative to eliminate those delays.

Onafriq said that integrating Privy’s secure infrastructure enables it to build the capabilities required to support a new generation of efficient digital payment services for banks, fintechs, and mobile money operators.

Luke Kyohere, group chief product and innovation officer at Onafriq, said its tie-up with Privy is a key component of its broader strategy to boost its pan-African payment infrastructure (which currently connects 43 African markets), enabling secure multi-modal wallets and more efficient movement of value across the continent.

“Privy gives us a building block for faster settlement and better liquidity management,” he said in a statement. “As demand for digital asset services grows, our goal is to ensure Africa's payment ecosystem benefits securely and in line with regulatory frameworks.”

Privy can also enable the seamless integration of digital asset wallet capabilities into Onafriq products (subject to regulatory approval), and deliver a simple user experience while abstracting the complexity of blockchain technology, said Privy co-founder and CEO Henri Stern.

“Stablecoins will play an increasingly important role in the future of global payments, but real-world adoption depends on infrastructure that is secure, scalable and simple to implement,” Stern said. “Working with Onafriq allows us to help build that foundation across Africa and beyond.”

According to South Africa-based multinational banking and financial services firm Absa, stablecoin transactions surpassed US$34 trillion globally in 2025. In Sub-Saharan Africa, stablecoin accounts for 43% of all crypto transactions. Africa has become the fastest-growing market for stablecoin ownership, thanks to heavy adoption in Nigeria and South Africa, Absa says.

A report last month from the International Monetary Fund (IMF) said that Nigeria alone has accounted for around 60% of stablecoin inflows within sub-Saharan Africa since 2019. The appeal comes down to the fact that Stablecoins enable fast cross-border payments via smartphones with far lower transaction fees and without the burden of fluctuating foreign exchange rates.

That said, the IMF noted that stablecoins do present financial risks, such as reducing demand for local currency, which could weaken domestic monetary policy, and making transactions harder to monitor independently (as traditional transactions are), which increases risks of things like fraud and money laundering.

Onafriq emphasises that its stablecoin infrastructure will comply with all regulatory requirements in the markets where it operates – which also means service availability is subject to regulatory approval.