Nigerian fintech plans African stablecoin payment system with Polygon: Report

Flutterwave, Nigeria’s largest fintech company, is developing a cross-border payment platform powered by stablecoins, highlighting the growing role of blockchain technology in streamlining payments across Africa.

The company is partnering with Polygon Labs to launch the service across its 34-country network, Bloomberg reported Thursday. Polygon’s blockchain infrastructure, built to provide scalable, faster and cheaper transactions on Ethereum, will be used to enhance settlement speed and efficiency.

Flutterwave CEO Olugbenga Agboola said the move could transform the flow of funds across the continent, enabling businesses and consumers to bypass the high costs and delays that often plague traditional payment systems.

“Stablecoin adoption will drive more flows into Africa,” Agboola said, adding that the initiative “has the potential to 10x the volumes we are currently doing.”

The cross-border payment initiative comes amid a surge in stablecoin adoption across Africa. As Cointelegraph recently reported, tokens such as USDt (USDT) and USDC (USDC) are increasingly being used by locals to hedge against inflation and navigate ongoing currency instability.

Related: Wise hints at stablecoin ambitions with new digital-asset product lead search

Stablecoins gain ground as a cheaper remittance alternative

There are several practical reasons stablecoins are gaining traction across Africa. Beyond serving as a hedge against currency devaluation, they are emerging as powerful remittance tools in a region where money transfers play a vital role in household income and local economies.

According to a 2024 Chainalysis report, sending a $200 remittance from Sub-Saharan Africa is roughly 60% cheaper when using stablecoins compared with traditional, fiat-based transfer methods.

Chainalysis data also showed that Sub-Saharan Africa recorded a surge in monthly onchain transaction volumes in March 2025, despite other major regions experiencing declines. The uptick coincided with sharp currency devaluations in Nigeria, the continent’s most populous country, with stablecoins and Bitcoin (BTC) accounting for most of the activity.

Adoption is accelerating as more countries across the region, including Nigeria, Kenya, Ghana and South Africa, move toward clearer and more supportive crypto regulations.

Related: Countries across Africa approve new crypto laws as adoption grows