Anyone who has ever tried sending or receiving money across borders knows the struggle, high fees, long delays and unfavorable exchange rates. These long-standing frustrations are exactly why stablecoins have surged in popularity across Africa.
Last week, hundreds of industry leaders, policymakers, and innovators gathered in Abuja for the West Africa Stablecoin Summit (WASS) 2025 to discuss one major question:
Can stablecoins, digital currencies pegged to the US dollar, deliver faster, cheaper, and more reliable financial services for Africans?
Nigeria Dominates Africa’s Fast-Growing Stablecoin Market
The data speaks volumes. From July 2023 to June 2024, Nigeria processed nearly $22 billion in stablecoin transactions, making it the largest market on the continent.
Traditional remittance channels remain painfully expensive, with Sub-Saharan Africa recording an average fee of 8.37%, the highest in the world. For a $200 transfer from London, nearly $17 disappears in charges.
“Stablecoins eliminate that inefficiency,” said Hammed Afenifere, CEO of Oneremit.
“You pay a supplier today, they receive it instantly, with no bank standing in between.”
He emphasized how stablecoins simplify global business, reduce costs, and offer speed unmatched by conventional financial systems.
Key Moments From the Summit: Innovation Meets Regulation
The summit, hosted by the Africa Stablecoin Network at Aduvie Hall in Jahi, featured panel sessions, regulatory conversations, and new product unveilings.
YDPay Debuts: Simplifying Naira-to-Stablecoin Conversion
A highlight of the event was the launch of YDPay, a new platform built to make swapping naira and stablecoins as easy as using a mobile banking app.
“Money had to evolve,” said Chike Okonkwo, YDPay’s Marketing Manager.
“Stablecoins are simply the next stage of digital money.”
He added that financial players who ignore stablecoins risk missing out on major opportunities.
Nigeria Sets the Pace With Africa’s First Stablecoin Regulation
Nigeria’s Investment and Securities Act 2025 officially recognizes and regulates stablecoins—making it the first African country to do so. This marks a significant shift from the Central Bank’s former crypto ban, which was only lifted in late 2023.
However, regulation still faces global challenges.
Gbenga Omosuyi of Sphere Labs pointed out that even the US has yet to fully clarify rules around yield-bearing stablecoins, which pay interest.
“Regulators everywhere are still trying to catch up,” he said.
The Digital Money Future Is Already Here
Summit President Nathaniel Luz opened the event with a bold vision.
“The future is being written right now, by the people in this room,” he declared.
He noted that private currencies have been around long before Bitcoin, but smartphones and mobile internet have supercharged their relevance and reach.
Stablecoins: A Practical Lifeline for Millions
For everyday Nigerians battling inflation that topped 30% earlier in 2025, stablecoins offer real, tangible benefits:
- A digital alternative to scarce physical dollars
- A reliable payment option for freelancers avoiding excessive conversion fees
- A faster way for traders to pay suppliers abroad without depending on slow SWIFT transfers
As Obinna Iwuno, President of SiBAN, said:
“This conference is a need whose time has come.”
