Visa, M-Pesa, and pan-African payments network Onafriq have launched a pilot in the Democratic Republic of Congo (DRC) to use U.S. dollar–pegged stablecoins for settling cross-border mobile transactions. The initiative aims to test faster and lower-cost settlement for remittances and merchant payments across mobile money ecosystems.
Pilot Brings Stablecoins to Cross-Border Mobile Money
The pilot will evaluate how dollar-pegged stablecoins can serve as a settlement layer between participating networks for cross-border transfers linked to mobile wallets. According to the companies, the approach is designed to improve speed, reduce friction, and enhance interoperability for users sending and receiving funds across borders in the DRC and connected corridors.
Specific details of the pilot—such as the stablecoin issuer, blockchain network, fee structure, and rollout timeline—were not disclosed.
Who Is Involved
- Visa: A global payments company that has been testing blockchain-based settlement rails with select partners.
- M-Pesa: A leading mobile money platform operated by Safaricom and Vodacom, offering digital payments, savings, and transfers across several African markets, including the DRC.
- Onafriq: A pan-African payments network (formerly MFS Africa) that connects mobile money operators, banks, and fintechs across the continent to enable cross-border transfers and merchant acceptance.
Why It Matters for African Payments
Cross-border transfers in Sub-Saharan Africa have historically been costly and slow due to fragmented payment systems, correspondent banking dependencies, and currency conversion frictions. Stablecoin-based settlement can offer near-instant, always-on transfers in a widely recognized unit of account, potentially lowering costs and enabling more seamless interoperability between mobile money providers and international payment networks.
If successful, the pilot could inform broader deployment of blockchain-enabled settlement tools for mobile money wallets, remittance providers, and merchants operating across African markets.
What to Watch Next
- Disclosure of the underlying stablecoin, blockchain, and technical partners supporting settlement.
- Regulatory engagement in the DRC and other participating jurisdictions, including compliance with KYC/AML requirements.
- Performance metrics from the pilot, such as transfer speed, reliability, and cost compared with existing rails.
- Potential expansion to additional corridors and integration with more mobile money and banking partners.