Zimbabwean billionaire’s firm teams up with US fintech to expand stablecoins in Africa

Circle Internet Group Inc. has partnered with Cassava Technologies, owned by Zimbabwe's richest person, Strive Masiyiwa, to increase the use of stablecoins across Africa, giving the continent's rapidly growing digital payments industry a significant boost.

• Circle Internet Group has partnered with Cassava Technologies to promote stablecoin use across Africa, specifically leveraging USDC.
• This marks Circle's first major initiative on the continent and aims to boost digital payments for Sasai Fintech Ltd., Cassava's fintech division.
• Cassava Technologies, recently in the spotlight for its AI initiatives, will use Circle's currency to expand financial services to millions across 30+ African regions.
• The deal is expected to support faster, cheaper, and more reliable cross-border transactions, benefiting Africa's growing digital economy.

This agreement, representing Circle's inaugural venture within the African continent, is designed to facilitate the transmission and receipt of funds via USDC, Circle's dollar-pegged digital currency, for users of Sasai Fintech Ltd., the financial technology division of Cassava Technologies.

The deal binds Cassava, the African digital infrastructure group that has received a lot of attention lately after unveiling an artificial intelligence push supported by Nvidia technology, with Circle, a recently listed US fintech company and one of the most well-known stablecoin issuers in the world.

Given that Sasai, Cassava’s payments and Fintech arm spanning more than 30 African regions, this strategic alliance is positioned to engage a consumer base numbering in the millions.

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At the root of this deal is a major shift in how Africans transfer funds, particularly across borders.

With intra-African trade and digital entrepreneurship on the rise, there is a growing desire for faster, cheaper, and more trustworthy payment solutions.

Stablecoins such as USDC are developing as a viable solution, providing near-instant settlement and lower transaction costs than traditional banking channels.

Strive Masiyiwa described the move as a step toward opening up new economic potential, as seen on Bloomberg.

The partnership's goal in integrating USDC into the Sasai platform is to help businesses, increase financial access, and facilitate smoother cross-border transactions across Africa's fragmented payment networks.

“Africa’s digital economy is entering a new era, driven by a mobile-first generation and increasing cross-border commerce and entrepreneurship,” Strive Masiyiwa stated.

“By integrating Circle’s USDC stablecoin into the Sasai platform, it will open up more business opportunities and drive financial inclusion on the continent,” the Zimbabwean billionaire added.

The development comes as Africa's young and increasingly tech-savvy population drives rapid use of digital financial instruments.

Stablecoins, in particular, are gaining popularity since they assist users in overcoming chronic difficulties such as expensive transfer costs, unpredictable local currencies, and limited access to US dollars in some regions.

Beyond convenience, dollar-backed digital currencies are being used as a store of wealth in countries experiencing currency decline.

This has made them particularly appealing in some African countries where currency fluctuations harm both individuals and businesses.