Zimbabwean billionaire backs stablecoin push across Africa

Zimbabwean billionaire Strive Masiyiwa is backing a fresh push to expand stablecoin payments across Africa, as global fintech firms look to tap into the continent’s growing demand for faster and cheaper ways to move money. 

His company, Cassava Technologies, has partnered with Circle Internet Group Inc. to introduce digital dollar payments to millions of users.

The move reflects a broader shift among investors and payment firms toward Africa, where mobile money and cross-border trade continue to grow. 

The agreement will see USD Coin (USDC) integrated into Sasai, Cassava’s fintech platform.

For users, it offers a simple way to send, receive and hold funds in a currency tied to the U.S. dollar—an option many see as more stable than local currencies in parts of the region. 

The deal also marks Circle’s entry into Africa, a market long viewed as underbanked but increasingly important for digital finance.

Cassava operates in more than 30 countries, giving the rollout the scale to reach users who often face high fees and delays with traditional banking services.

Expanding access to digital payments 

Masiyiwa said the partnership will help make cross-border payments easier for African businesses and individuals.

Many small firms rely on informal channels or pay high charges to move money between countries, challenges that continue to limit trade. 

By adding USDC to Sasai, the companies aim to cut costs and reduce the time it takes to settle transactions.

The service is also expected to support freelancers, traders and small businesses that depend on quick access to funds.

Stablecoins gain ground in Africa 

The tie-up comes as stablecoins see wider use globally.

Their combined market value has climbed from about $20 billion in 2020 to more than $246 billion by May 2025, as companies and investors turn to digital dollars for payments and transfers. 

In Africa, interest is rising as users look for ways to protect savings and move money more easily across borders.

In many countries, banking access remains limited, while exchange rate swings can quickly erode value. 

With Cassava’s network and Circle’s technology, both companies are betting that stablecoins will play a larger role in everyday payments, helping connect businesses and consumers across Africa’s fragmented financial systems.