Nigeria's largest fintech company, Flutterwave, is developing a cross-border payment platform powered by stablecoins, highlighting the increasingly important role of blockchain technology in optimizing payment processes across Africa.
According to a report by Bloomberg on Thursday, the company is collaborating with Polygon Labs to launch the service across its network covering 34 countries. Polygon's blockchain infrastructure is designed to provide scalable, faster, and cheaper Ethereum transactions, which will be used to enhance settlement speed and efficiency.
Flutterwave CEO Olugbenga Agboola noted that this move could fundamentally change the flow of funds across the African continent, enabling businesses and consumers to bypass the high costs and delays commonly found in traditional payment systems.
"The adoption of stablecoins will drive more funds into Africa," Agboola stated, adding that this initiative "has the potential to increase our current transaction volume tenfold."
This cross-border payment initiative comes as the adoption of stablecoins is rapidly rising across Africa. According to a recent report by Cointelegraph, stablecoins like USDt and USDC are increasingly being used by local residents to hedge against inflation risks and cope with ongoing currency instability.
There are several practical reasons for the widespread acceptance of stablecoins on the African continent. In addition to serving as a safeguard against currency depreciation, they are gradually becoming powerful remittance tools, which is particularly important in regions where remittances are crucial to household income and the local economy.
According to a 2024 Chainalysis report, using stablecoins to send $200 from Sub-Saharan Africa is about 60% cheaper compared to traditional fiat-based transfer methods.
Chainalysis data also shows that while monthly on-chain transaction volumes in other major regions have declined, Sub-Saharan Africa saw a significant increase in transaction volume in March 2025. This upward trend coincides with a substantial devaluation of the currency in Nigeria, the most populous country in Africa, where stablecoins and Bitcoin (BTC) account for a large portion of trading activity.
As more countries in the region, including Nigeria, Kenya, Ghana, and South Africa, gradually establish clearer and more supportive regulatory frameworks for cryptocurrencies, the pace of market adoption is accelerating.
Related: Reports indicate that the European Central Bank plans to launch a central bank digital currency (CBDC) in 2029.
Original article: “Reports say Nigerian fintech company plans to develop an African stablecoin payment system in collaboration with Polygon”
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