Visa, M-PESA Africa and Onafriq have launched a stablecoin pilot in the Democratic Republic of the Congo (DRC), marking a new effort to improve cross-border mobile money payments using blockchain technology.

The pilot will explore how stablecoins can enable faster, cheaper and more efficient international money transfers, offering an alternative to traditional cross-border payment systems that are often expensive and slow.

Improving Cross-Border Payments

The initiative aims to address long-standing challenges in international payments, including high transaction fees, lengthy settlement times and limited access to financial services.

By using blockchain-backed stablecoins, the partners hope to facilitate near-instant cross-border settlements while reducing the cost of sending and receiving money across borders.

The pilot also seeks to strengthen interoperability between Africa's mobile money platforms and the global payments ecosystem, making international transactions more seamless for consumers and businesses.

DR Congo Chosen for First Pilot

The Democratic Republic of the Congo has been selected as the first market for the initiative, placing the country at the centre of efforts to test blockchain-powered payment solutions in Africa.

If successful, the pilot could demonstrate how stablecoins can support remittances, improve cross-border trade and expand financial inclusion by making international payments more accessible through mobile money platforms.

Growing Interest in Blockchain Payments

The partnership reflects increasing interest from global payment providers and African fintech companies in using blockchain technology to modernise cross-border payments.

As stablecoins continue to gain traction within the financial services industry, initiatives such as this could help accelerate the integration of Africa's mobile money ecosystem with global payment networks while providing faster and more affordable digital payment options across the continent.