Onafriq taps Conduit as Africa’s stablecoin push reaches cross-border payments

Onafriq, an African fintech that operates across 40 countries on the continent, has partnered with Conduit, a cross-border payments firm that uses blockchain-based dollar tokens, in an alliance that will change how Onafriq manages liquidity and pays partners abroad.

Announced in Nairobi on Tuesday, the agreement enables Onafriq to use stablecoins such as United States dollar coin (USDC) to fund accounts, rebalance treasury holdings and make payouts in markets where traditional bank transfers take several days. 

The move aims to cut the time and cost of moving funds across currencies and jurisdictions. Onafriq handles growing cross-border volumes for banks, mobile money operators, and merchants, though it declined to disclose its annual payment volume.

The partnership adds to a run of African fintechs adopting stablecoins as backend settlement rails. Firms are using dollar-pegged tokens to move funds across borders faster, manage liquidity and cut reliance on correspondent banks.

“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, designed to maintain parity with the US dollar, are gaining ground in parts of Africa with limited access to foreign exchange and few correspondent banking links. Payment firms are primarily testing them as backend settlement tools rather than consumer products.

The first application will centre on treasury operations, where Conduit will help Onafriq convert USDC into US dollars through off-ramp channels as the companies evaluate how stablecoins can support global liquidity management.

Conduit said in a statement on Tuesday that demand from African clients has risen sharply, with the number of customers on the continent using its platform increasing 80% between the third and fourth quarters of 2025. The firm launched its stablecoin-based cross-border product 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 Onafriq’s Group Chief Product and Innovation Officer, Luke Khohere.

For Onafriq, founded in 2010, the partnership adds a new capability to a network that already handles cross-border transfers, collections, card services, agent banking and foreign exchange. The company acts as a critical intermediary between local payment systems across the continent.

The companies contend their model offers a distinct cost advantage over traditional correspondent banking. Cross-border transfers routed through the SWIFT network often pass through several intermediary banks, each charging fees and creating opacity. 

Stablecoin transactions incur a single fee from the provider and enable clearer tracking of funds during processing.

This partnership arrives as payment companies across the globe actively seek alternatives to SWIFT-based transfers, which can involve multiple intermediaries, compliance checks and delays. Stablecoin networks promise near-real-time settlement, though they still require local banking partners to move money in and out of domestic financial systems.