Onafriq partners with Privy for regulated stablecoin infrastructure

• Onafriq partners with Privy to develop regulated stablecoin infrastructure in Africa.
• The partnership aims to modernize pan-African payment infrastructure and enable secure multi-modal wallets.
• Regulated stablecoins will play a crucial role in the future of global payments, offering faster alternatives to traditional cross-border payments.

This move marks a significant step towards modernizing pan-African payment infrastructure and enabling secure multi-modal wallets.

Onafriq, Africa's largest payments network, has partnered with Privy to develop regulated stablecoin infrastructure for businesses across its network. This move marks a significant step towards modernizing pan-African payment infrastructure and enabling secure multi-modal wallets. The partnership will enable Onafriq to create and manage embedded digital asset solutions for its partners and institutional clients where regulation allows. In the initial phase, the focus is on cross-chain stablecoin transfers, treasury, and settlement workflows, laying the groundwork for future cross-border payment and liquidity solutions.

The development of regulated stablecoin infrastructure in Africa is crucial due to the slow and fragmented nature of traditional cross-border payments. The reliance on multiple intermediaries and prolonged settlement cycles hinders economic growth, making faster alternatives increasingly desirable among payments companies and financial institutions. Stablecoins offer a viable solution to eliminate these delays and unlock liquidity. By integrating Privy's secure infrastructure, Onafriq can build the capabilities required to support efficient digital payment services for banks, fintechs, and mobile money operators.

This partnership is a key component of Onafriq's broader strategy to drive Africa's digital transformation agenda by investing in technologies that make financial services more efficient, connected, and accessible. As demand for digital asset services grows, the goal is to ensure Africa's payment ecosystem benefits securely and in line with regulatory frameworks. The successful implementation of regulated stablecoin infrastructure will have far-reaching implications for cross-border payments, enabling faster settlement, better liquidity management, and increased economic growth across the continent.

Lawyers advising clients on cross-border payments should watch for the development of regulated stablecoin infrastructure in Africa, which may offer faster and more efficient alternatives to traditional payment methods.

Source: Original reporting via Capital FM