Africa on Cusp of Stablecoin Revolution Amid Digital Payments Boom

Africa is on the cusp of a stablecoin revolution, according to Michael Berner, group country manager of Southern and Eastern Africa at Visa.

Berner highlighted the key trends in digital payments in Africa, including stablecoins, digital payments, artificial intelligence (AI), new entrants in the financial services ecosystem, and financial inclusion as taking centre stage.

The accelerated digitisation of payments in Africa is driven by governments, financial institutions, and demand from Gen Z for seamless, 'invisible', and protected transactions.

Stablecoins have the potential to transform digital payments in Africa, especially for countries struggling with foreign currency availability.

Visa is looking to be a bridge between the crypto, stablecoin, and fiat currency worlds and has shared progress in modernising settlement and value transfer through stablecoins and blockchain-based infrastructure.