Conduit, a US-based cryptocurrency infrastructure platform, has partnered with Onafriq, a major African payment network, to enable stablecoin settlement for cross-border transactions across Africa. The agreement, announced on February 6, 2026, seeks to leverage digital currencies to improve the speed and reduce the cost of moving money on the continent.
The Partnership Structure
Under the partnership, Conduit will provide the technology infrastructure to allow Onafriq’s network of over 500 million mobile money wallets and 200 million bank accounts across 40 African countries to settle transactions using US dollar-pegged stablecoins. Onafriq, formerly known as MFS Africa, will act as the settlement layer, connecting its extensive network of mobile money operators, banks, and fintechs. The companies state the system will allow for real-time settlement, a contrast to traditional methods that can take days.
Company Backgrounds
Conduit was founded in 2021 and provides backend infrastructure for financial institutions to integrate digital assets. Its core product allows companies to offer cryptocurrency services without building the underlying technology. Onafriq, founded in 2009 by Dare Okoudjou, is one of Africa’s largest digital payments networks. It connects over 400 million mobile wallets across more than 40 African countries, facilitating cross-border payments and interoperability between different financial service providers. The company rebranded from MFS Africa in late 2023 to reflect its expanded pan-African and global ambitions.
Industry Context and Trends
The partnership fits into a broader trend of fintechs and payment networks seeking more efficient cross-border payment rails within Africa, a market historically fragmented by different currencies and regulatory regimes. The high cost of sending remittances, which the World Bank estimates averaged 7.9% in Sub-Saharan Africa in the fourth quarter of 2025, remains a key challenge. Initiatives like the African Continental Free Trade Area (AfCFTA) have increased focus on reducing intra-African payment frictions. Several African central banks are also exploring or piloting central bank digital currencies (CBDCs), indicating growing institutional interest in digital settlement layers.
Other Market Developments
The announcement coincides with other moves in the African cross-border payments sector. Separately, UAE-based payments app botim Money partnered with global payments infrastructure firm TerraPay in early February 2026 to expand real-time remittance services into Africa. In another development, Nigerian fintech Nomba announced on February 4, 2026, that it was building its own cross-border payment rails and expanding its merchant services into the North American market. These parallel developments highlight the competitive and rapidly evolving landscape for digital payments across the continent.
Regulatory Landscape and Outlook
The success of stablecoin-based settlement will depend heavily on regulatory acceptance across multiple African jurisdictions. Countries like Nigeria, Ghana, Kenya, and South Africa have active but cautious regulators overseeing digital assets. The partnership did not specify which stablecoins would be used or detail the specific regulatory approvals obtained. Analysts note that while the potential for cost reduction is significant, navigating the diverse regulatory environments across Onafriq’s 40-country network presents a substantial operational challenge. The partnership’s progress will be watched as a test case for the practical application of blockchain-based settlement in Africa’s complex financial ecosystem.