Circle Targets Africa’s $5B Payment Problem with Stablecoin Push

In a move to reshape how money moves across Africa, Circle is teaming up with Onafriq to introduce USDC as a low-cost, digital alternative for cross-border payments.

The collaboration aims to tackle one of the continent’s most expensive financial challenges: the $5 billion annually lost to overseas intermediaries.

Onafriq, which connects hundreds of millions of users across over 40 countries, will pilot USDC settlements to bypass the outdated banking routes still dominating intra-African transactions. CEO Dare Okoudjou says the goal is to make sending money easier, cheaper, and more trustworthy for both people and institutions.

Circle, meanwhile, sees Africa as fertile ground for stablecoin adoption, particularly as local currencies like Nigeria’s naira continue to nosedive. Stablecoins already make up nearly half of crypto activity in Sub-Saharan Africa, driven by the need for more reliable value storage and transfer.

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This isn’t just a regional push—Circle has been accelerating globally. Its newly launched Circle Payments Network is bringing together traditional banks and fintechs to modernize how funds move internationally. The company also just received preliminary regulatory approval in Abu Dhabi, setting the stage for further expansion into the Middle East.

Alexander Stefanov