Nigerian fintech flutterwave teams up with Polygon for African stablecoin payment network

Nigeria’s largest fintech company, Flutterwave, is making big moves to change how money flows across Africa. They’re developing a new cross-border payment platform that will use stablecoins, highlighting just how crucial blockchain technology is becoming for making payments smoother and faster on the continent.

Flutterwave is working hand-in-hand with Polygon Labs to roll out this service across an impressive 34 countries in their network, as reported by Bloomberg on Thursday. Polygon’s blockchain infrastructure is known for its ability to handle transactions scalably, quickly, and affordably on Ethereum, and Flutterwave plans to use this to dramatically improve payment settlement speeds and efficiency.

Olugbenga Agboola, Flutterwave’s CEO, believes this initiative could completely transform how funds move throughout Africa. He suggests it will enable both businesses and everyday consumers to sidestep the high costs and lengthy delays that are often a frustrating part of traditional payment systems. “Stablecoin adoption will drive more flows into Africa,” Agboola stated, adding confidently that this project “has the potential to 10x the volumes we are currently doing.”

This push for cross-border payments with stablecoins couldn’t come at a better time, as stablecoin use is really taking off across Africa. As we’ve seen recently, tokens like USDt and USDC are increasingly popular among locals looking to protect their savings from inflation and navigate ongoing currency instability.

So, why are stablecoins gaining so much traction in Africa? Well, there are some very practical reasons. Besides offering a shield against currency devaluation, they’re becoming incredibly powerful tools for remittances – those vital money transfers that play a huge role in household incomes and local economies throughout the region.

A report from Chainalysis in 2024 showed just how much cheaper stablecoins can be. Sending a $200 remittance from Sub-Saharan Africa using stablecoins is about 60% less expensive compared to traditional, fiat-based transfer methods.

Chainalysis data also highlighted an interesting trend: Sub-Saharan Africa saw a significant jump in monthly on-chain transaction volumes in March 2025, even while other major regions experienced declines. This uptick happened right when countries like Nigeria, the continent’s most populous nation, were grappling with sharp currency devaluations, with stablecoins and Bitcoin making up most of the activity. Adoption is clearly accelerating, especially as more countries across the region – including Nigeria, Kenya, Ghana, and South Africa – move towards creating clearer and more supportive regulations for cryptocurrencies.