Onafriq, a leading African payments infrastructure provider, has partnered with crypto wallet infrastructure firm Privy to develop regulated stablecoin payment services for businesses across the continent, responding to growing demand for faster and more cost-effective cross-border settlement.

Under the partnership, Privy's embedded wallet technology will be integrated into Onafriq's network, enabling enterprises to send, receive, and settle stablecoin transactions without requiring end users to manage traditional cryptocurrency wallets or private keys. Onafriq selected Privy for its enterprise-grade infrastructure to facilitate seamless integration of digital asset wallet capabilities into its existing product suite. The approach mirrors a broader industry trend in which established fintech and payments companies are layering blockchain-based settlement onto existing networks rather than building consumer-facing crypto products, lowering the barrier to adoption for businesses that operate in multi-currency environments.

"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," said Henri Stern, Co-Founder and Chief Executive Officer of Privy. "Working with Onafriq allows us to help build that foundation across Africa and beyond."

The companies stated that the infrastructure is designed to meet regulatory requirements while abstracting blockchain complexity for business customers. The emphasis on compliance comes as several African jurisdictions, including Nigeria, South Africa, and Kenya, continue to develop or refine digital asset and payment regulations, creating a shifting landscape that payments providers must navigate as they roll out stablecoin services.

"At Onafriq, we keep investing in technology that makes payments faster and more accessible," said Luke Kyohere, Group Chief Product and Innovation Officer at Onafriq. "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."

The partnership builds on Onafriq's broader push into stablecoin-powered payments. In 2025, the company partnered with Circle to pilot USDC settlement across its network, citing estimates that more than 80% of intra-African payments are routed through correspondent banks outside the continent, generating approximately $5 billion in annual transaction costs.

Onafriq, formerly known as MFS Africa, connects nearly 1 billion mobile wallets, more than 500 million bank accounts, and over 2,000 cross-border payment corridors across more than 40 African markets, positioning it as one of the continent's largest payments networks.

The Privy partnership marks the latest in a series of stablecoin initiatives by Onafriq. In early 2026, the company announced a partnership with Conduit to use stablecoins like USDC for institutional purposes such as treasury management, liquidity rebalancing, and faster cross-border payouts, reflecting growing institutional adoption of on-chain settlement infrastructure across Africa.

A report by Onafriq previously noted that stablecoins could reshape African payments but still face infrastructure and regulatory hurdles.