A new deal will help businesses to safely and quickly move money across financial jurisdictions on the continent.

Pan-African payments provider Onafriq is working with wallet infrastructure specialist Privy to develop stablecoin-enabled payment services for businesses across Onafriq’s network, reports ITWeb Africa.

Investopedia describes stablecoins as ‘a type of cryptocurrency designed to maintain a stable value by pegging to fiat currencies’.

The new blockchain-based stablecoin infrastructure is also expected to reduce the cost of cross-border settlements.

Sub-Saharan Africa is reportedly one of the fastest-growing cryptocurrency markets, with stablecoins accounting for a rising share of transactions. According to Forbes Africa, the region processed more than US$205 billion in crypto transactions between July 2024 and June 2025 – a 52% increase from the previous corresponding period.

Luke Kyohere, Onafriq’s chief product and innovation officer, said the partnership with Privy supports the company’s goal of improving payment speed, accessibility and efficiency while complying with regulations.

4 August 2026
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