Circle has partnered with Onafriq, Africa’s largest payments gateway, to lower the high costs associated with cross-border payments in the region using USDC. The partnership aims to facilitate USDC settlements across a network that includes over 500 wallets and 200 million bank accounts in more than 40 African countries. Onafriq's CEO, Dare Okoudjou, noted that integrating USDC will simplify financial transactions for both institutions and individuals while enhancing trust in digital financial services. A significant percentage of intra-African transactions are currently processed through foreign banks, incurring approximately $5 billion in fees annually. Circle's VP for the Middle East and Africa, Miriam Kiwan, highlighted Africa's potential for digital asset innovation, aiming to transform cross-border money movement through secure and transparent digital payment methods. This move is part of Circle’s broader strategy to expand USDC adoption globally, further evidenced by its establishment of the Circle Payments Network, a consortium designed to streamline global fund transfers using stablecoins.

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