Nigeria’s Fintech Unicorn Rolls Out Stablecoin Remittance Services Across Africa

Nigeria’s leading fintech unicorn has launched a stablecoin-powered remittance service aimed at transforming the way money moves across Africa. The company, which already serves millions of users through its mobile payments and digital banking products, announced that it will use U.S. dollar–pegged stablecoins to enable faster, cheaper, and more reliable cross-border transactions. The rollout targets both the African diaspora sending money back home and businesses engaged in intra-African trade, where high fees and slow processing remain a major obstacle.

Remittances are a critical lifeline for many African economies. According to the World Bank, Sub-Saharan Africa received over $50 billion in remittances last year, but transfer costs remain the highest in the world, averaging around 8 percent per transaction. By using stablecoins, the Nigerian fintech aims to bypass traditional banking intermediaries, reducing settlement times from days to minutes and cutting costs by more than half. For families relying on remittances, even small reductions in fees could translate into significant savings over time.

The service will initially cover key remittance corridors, including Nigeria, Ghana, Kenya, and South Africa, with plans to expand into Francophone Africa later. Users will be able to send and receive funds through the company’s app, which automatically converts stablecoins into local currencies. This approach ensures that recipients can access funds seamlessly, without needing prior knowledge of cryptocurrencies or wallets. The company has also partnered with local banks and mobile money operators to expand reach and provide cash-out options in rural areas.

Executives highlighted that beyond personal remittances, the platform is designed to facilitate business payments across African borders. Intra-African trade has long been hampered by currency volatility, slow settlement systems, and lack of interoperability between national payment networks. Stablecoin-based transfers offer a way to standardize payments, provide dollar stability, and reduce reliance on foreign correspondent banks, which often add extra costs and delays.

Industry experts see the move as a significant test case for stablecoin adoption on the continent. While cryptocurrencies have gained popularity in Nigeria and other African countries, governments and regulators remain cautious. Some have imposed restrictions on crypto trading, citing concerns about money laundering and financial stability. The fintech has responded by working closely with regulators in each jurisdiction, positioning the stablecoin service as a payments solution rather than a speculative investment product.

Challenges remain, particularly around regulatory acceptance and consumer trust. Education will be key, as many users may not understand what stablecoins are or how they differ from volatile cryptocurrencies like Bitcoin. The company has committed to rolling out awareness campaigns and embedding safeguards to protect users against fraud. Cybersecurity will also be a top priority as digital financial services continue to face rising threats from hackers.

Despite these hurdles, the initiative underscores the growing role of African fintech firms in shaping the future of financial services. By merging digital currencies with practical use cases like remittances, Nigeria’s fintech unicorn is positioning itself at the forefront of both financial inclusion and technological innovation. If successful, the model could scale across the continent, offering millions of people a faster and fairer way to send and receive money.