Onafriq, a pan-African payments network, has partnered with Privy, a stablecoin infrastructure provider, to strengthen its digital asset capabilities and support the development of stablecoin-enabled payment services for businesses operating across its network.
The partnership will allow Onafriq to create and manage embedded digital asset solutions for its partners and, over time, for institutional clients where regulation permits. The initial phase of the collaboration centres on cross-chain stablecoin transfers, alongside treasury and settlement workflows. According to the companies, this phase is intended to establish a foundation for further cross-border payment and liquidity solutions.
Addressing settlement delays across African markets
Moving funds between African markets has typically involved multiple intermediaries and extended settlement cycles, according to the companies. As payments companies and financial institutions seek faster alternatives, stablecoins are positioned as a means of reducing these delays and freeing up liquidity tied up in traditional settlement processes.
By integrating Privy's infrastructure, Onafriq aims to build capabilities that support a new set of digital payment services for banks, fintechs, and mobile money operators. The companies describe the partnership as part of a broader strategy by Onafriq to modernise pan-African payment infrastructure, with an emphasis on multi-modal wallets and more efficient movement of value across the continent.
Selection rationale and technology integration
Onafriq stated that it selected Privy for its enterprise-grade infrastructure, which is intended to enable integration of digital asset wallet capabilities into Onafriq's products, subject to regulatory approval. The aim, according to the companies, is to deliver a straightforward user experience while abstracting the underlying complexity of blockchain technology.
Luke Kyohere, Group Chief Product and Innovation Officer at Onafriq, said the company continues to invest in technology aimed at making payments faster and more accessible, adding that Privy provides a building block for settlement and liquidity management as demand for digital asset services grows.
Henri Stern, Co-Founder and Chief Executive Officer of Privy, said real-world adoption of stablecoins depends on infrastructure that is secure, scalable, and straightforward to implement, and that the partnership is intended to help build this foundation across Africa.
Future use cases
The partnership is expected to support a range of future institutional use cases, including stablecoin-enabled settlement, treasury management, and liquidity services. The companies frame the collaboration as part of Onafriq's broader digital transformation agenda, which involves investment in technologies intended to make financial services more efficient, connected, and accessible across African markets.
