Circle, a prominent stablecoin issuer, has teamed up with Onafriq, Africa’s leading payments gateway, in a strategic move to tackle the exorbitant expenses linked to cross-border transactions within the continent using USDC. This groundbreaking collaboration is set to trial USDC settlements within Onafriq’s vast network, spanning over 500 wallets and 200 million bank accounts across 40+ countries.
Streamlining Cross-Border Payments in Africa
Onafriq’s CEO, Dare Okoudjou, highlighted that the integration of USDC will streamline financial operations for both organizations and individuals, cutting costs, and fostering confidence in digital financial solutions. Presently, more than 80% of intra-African transactions rely on correspondent banks located outside the continent, settling in foreign currencies like the US dollar or euro, resulting in a staggering $5 billion in fees annually.
Revamping Financial Infrastructure
The partnership between Circle and Onafriq represents a significant step towards modernizing Africa’s financial ecosystem, paving the way for smoother, cost-effective, and transparent cross-border payments. By leveraging the efficiency and stability of USDC, this collaboration aims to revolutionize the way transactions are conducted within the region, ultimately benefiting businesses and individuals alike.
Enhancing Financial Inclusion and Efficiency
With the introduction of USDC settlements, the initiative seeks to enhance financial inclusion by offering a more accessible and affordable payment infrastructure across Africa. By reducing reliance on external correspondent banks and foreign currencies, this partnership is poised to drive economic growth, facilitate trade, and foster trust in digital financial services across the continent.
Joining Forces for a Digital Financial Revolution
As Circle and Onafriq join forces to reshape cross-border payments in Africa, the impact of this collaboration extends beyond financial transactions. By embracing innovative solutions like USDC, both entities are spearheading a digital financial revolution that promises to empower businesses, individuals, and economies throughout the continent.
🚀 Embrace the Future of Cross-Border Payments
Are you excited about the future of cross-border payments in Africa with Circle and Onafriq’s groundbreaking partnership? Share your thoughts and insights below!
#Cross-border payments Africa, #USDC settlements, #Digital financial revolution