Circle and Onafriq Collaborate to Enhance Cross-Border Payments in Africa

According to Cointelegraph, stablecoin issuer Circle has entered into a partnership with Onafriq, Africa's largest payments gateway, to address the high costs associated with cross-border payments across the continent using USDC. The collaboration aims to pilot USDC settlements within Onafriq's extensive network, which encompasses over 500 wallets and 200 million bank accounts across more than 40 countries. Onafriq founder and CEO Dare Okoudjou emphasized that integrating USDC will simplify financial transactions for both institutions and individuals, reduce costs, and enhance trust in digital financial services. Currently, over 80% of intra-African transactions are processed through correspondent banks outside the continent and settled in foreign currencies such as the US dollar or euro, resulting in approximately $5 billion in fees annually source: https://www.binance.com/en/square/post/23609671933041?utm_source=BinanceNewsRSS