Onafriq, Africa’s largest payments network, is deepening its push into digital assets through a partnership with stablecoin infrastructure provider Privy, as the company seeks to modernise cross-border payments and improve liquidity management across the continent’s fragmented financial system.
The collaboration will enable Onafriq to build embedded digital asset infrastructure capable of supporting stablecoin-enabled payment services for businesses, financial institutions and ecosystem partners, subject to regulatory approvals.
The initial phase of the partnership will focus on cross-chain stablecoin transfers, treasury management and settlement workflows, laying the foundation for faster cross-border payments and more efficient movement of funds across African markets.
The initiative comes as payment companies and financial institutions increasingly explore blockchain-based settlement technologies to address long-standing challenges associated with cross-border transactions, including multiple intermediaries, high costs and lengthy settlement cycles.
By integrating Privy’s enterprise-grade infrastructure, Onafriq plans to strengthen its digital payment capabilities and support a new generation of financial services for banks, fintech companies and mobile money operators operating across its pan-African network.
The company said the infrastructure will enable it to develop secure, multi-modal digital wallets and embedded digital asset solutions while simplifying the complexity of blockchain technology for institutional users.
Luke Kyohere, group chief product and innovation officer at Onafriq, said the partnership reflects the company’s continued investment in technologies capable of making payments faster, more efficient and accessible.
“At Onafriq, we keep investing in technology that makes payments faster and more accessible. Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” he said.
Privy will provide the underlying infrastructure that enables Onafriq to integrate digital asset wallet capabilities into its payment ecosystem while maintaining enterprise-grade security and regulatory compliance.
Henri Stern, co-founder and chief executive officer of Privy, said reliable infrastructure would be essential for expanding the use of stablecoins in mainstream financial services.
“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. Working with Onafriq allows us to help build that foundation across Africa and beyond,” he said.
The partnership reflects growing interest among global payment companies in using stablecoins to improve treasury operations, settlement processes and cross-border liquidity management.
Unlike traditional international payment systems that often rely on correspondent banking networks, stablecoin-based transactions can settle significantly faster, reducing capital tied up in lengthy processing cycles while improving operational efficiency.
For Africa, where cross-border payments remain among the world’s most expensive and fragmented, digital asset infrastructure is increasingly being viewed as a potential solution to improve financial connectivity across the continent’s diverse payment ecosystems.
The agreement also supports Onafriq’s strategy of expanding its technology capabilities as demand grows for interoperable digital payment solutions capable of serving banks, fintechs, mobile money operators and institutional clients.
