Onafriq Partners with Circle to power remittances and cross-border payments with USDC
- Onafriq and Circle announced a strategic partnership to transform cross-border payments in Africa.
- Over 80% of intra-African payments currently go through correspondent banks outside the continent.
- This results in US$5 billion in annual transaction fees, hindering economic integration.
The partnership between Onafriq and Circle represents a pivotal moment for the evolution of financial services in Africa. By addressing the high costs and inefficiencies of current payment systems, this collaboration not only has the potential to enhance economic connectivity but also to empower individuals and businesses across the continent. It will be crucial to monitor the implementation of these solutions and their impact on financial inclusion and economic growth.
