Nigerian Fintech Teams Up with Polygon to Launch Stablecoin Payments in Africa

Flutterwave, Nigeria’s largest fintech, is building a cross-border payments network powered by dollar-pegged stablecoins, signaling how quickly blockchain rails are entering everyday finance in Africa. The company is partnering with Polygon Labs to launch the service across its 34-country footprint, using Polygon’s Ethereum-compatible infrastructure to speed up settlement and cut costs for merchants and consumers.

Chief executive Olugbenga Agboola says the aim is to remove the frictions that slow money moving between African markets—high fees, multi-day settlement, and scarce correspondent banking routes. By routing value through stablecoins and settling on-chain, Flutterwave expects materially faster payouts and a step change in transaction volumes for businesses that sell, ship, and hire across borders.

The timing mirrors a wider surge in stablecoin usage across the continent. Tokens like USDT and USDC have become everyday tools for hedging volatile local currencies and sending money to family, suppliers, and freelancers. Chainalysis research in 2024 estimated that transferring a typical $200 remittance from Sub-Saharan Africa can be roughly 60% cheaper with stablecoins than through traditional fiat channels—an immediate win in economies where fees bite into household income. The firm also noted a rise in monthly on-chain transaction volumes in March 2025, coinciding with sharp currency devaluations in Nigeria, with stablecoins and Bitcoin accounting for most of the activity.

Policy is starting to align. Regulators in Nigeria, Kenya, Ghana, and South Africa are moving toward clearer, more supportive crypto frameworks, creating space for licensed payment companies to integrate stablecoins at scale. If execution matches ambition, Flutterwave’s Polygon-powered network could turn fragmented corridors into a faster, cheaper web of payments—and force incumbents to rethink the premiums they charge Africans simply to move their own money.