Onafriq partners with Privy to build regulated stablecoin infrastructure for B2B payments in Africa

Onafriq, the largest pan-African payments network, has announced a partnership with stablecoin infrastructure provider Privy to develop B2B payment services backed by stable digital currencies across its continental network, according to Capital FM. This alliance comes as stablecoins—tokens pegged to hard currencies like the dollar—gain traction in Africa as an alternative to correspondent banking channels, which are often slow and costly, for cross-border business-to-business payments. Onafriq, formerly MFS Africa, connects mobile money, banks, and payment platforms across multiple countries on the continent. The source does not specify any amount, timeline, or direct statements from executives; only the objective to "strengthen digital asset infrastructure" and build "regulated" stablecoin services is mentioned. For African businesses, the stakes are reducing cross-border settlement times and costs, amid a backdrop of chronic hard currency scarcity. For regulators, the mention of a "regulated" nature suggests a commitment to compliance, at a time when the regulatory treatment of cryptoassets remains fragmented (Nigeria, Kenya, South Africa). This announcement is part of a broader trend of stablecoin adoption by African fintechs, which are grappling with local currency volatility. The true scale of the deployment and its actual adoption remain to be seen.