Onafriq, a pan-African fintech operating in more than 40 countries, has entered into a strategic partnership with Conduit, a cross-border payments firm that uses dollar-pegged tokens, aiming to transform how the company manages liquidity and executes payments abroad.
Announced at the Africa Tech Summit 2026, the agreement will enable Onafriq to leverage the USDC stablecoin to
fund accounts,
rebalance its treasury, and
make payouts
in markets where conventional bank transfers often take several days to clear.
STABLECOINS | Conduit Raises $36 Million Series A to Scale Real-Time Cross-Border Stablecoin Payments Across Latam, Africa, Asia
The initiative is designed to reduce both the time and cost of moving funds across currencies and jurisdictions. Onafriq, which supports cross-border volumes for banks, mobile money operators and merchants, did not disclose its annual transaction figures.
This deal adds to a growing number of African fintechs adopting stablecoin rails for backend settlement. These dollar-pegged digital tokens are being used to speed up cross-border flows, improve liquidity management, and lessen reliance on traditional correspondent banking networks.
“Onafriq is a global poster child for the impact a fintech can have in a developing market, offering fast, reliable and accessible money movement in Africa, which has not been served well by traditional banking options,” said Kirill Gertman, founder and CEO of Conduit.
Stablecoins, which are designed to maintain parity with the U.S dollar, are gaining traction in regions of Africa with limited foreign exchange access and few correspondent bank links. In most cases, payment firms are using them as settlement tools rather than consumer products.
The first phase of the collaboration will focus on treasury operations, with Conduit helping Onafriq convert USDC into U.S dollars through off-ramp channels as both companies assess how stablecoins can support global liquidity needs.
Conduit noted that demand from African clients has surged, with its customer base on the continent growing by 80% between the third and fourth quarters of 2025. The company’s stablecoin-powered cross-border product first launched in 2023.
“Conduit’s infrastructure will help us move toward streamlining our global treasury management through stablecoins and drive faster payouts for our customers,” said Luke Khohere, Group Chief Product and Innovation Officer at Onafriq.
PARTNERSHIP | South African Fintech, Onafriq (Formerly MFS Africa), to Leverage Ripple Blockchain Across Africa via 3 Fintech Partners
Founded in 2010, Onafriq already provides services including
cross-border transfers,
collections,
card services,
agent banking and
foreign exchange,
acting as a key intermediary between local payment systems across the continent.
Both companies argue that their model offers cost advantages over traditional correspondent banking, which usually involves multiple intermediaries each charging fees and adding latency. In contrast, stablecoin transactions typically incur a single fee and offer clearer tracking throughout processing.
This partnership comes as payment providers worldwide look for alternatives to SWIFT-based transfers, which can face delays and multiple compliance checks. Stablecoin networks promise near-real-time settlement, though they still require local banking partners for fiat on-and off-ramping which players like Onafriq are able to provide.
FINTECH AFRICA | NALA, One of Africa’s Leading Fintechs with Over 1 Million Active Users, is Building an On-Off-Ramp for Stablecoins
Stay tuned to BitKE updates on stablecoin developments in Africa.
Join our WhatsApp channel here.
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
___________________________________________
