Flutterwave Embraces Stablecoins for Enhanced Cross-Border Payments in Africa

Flutterwave, Nigeria’s largest fintech company, is taking a bold step forward by developing a cross-border payment platform powered by stablecoins. This development underscores the growing role of blockchain technology in streamlining payments across the African continent. Bloomberg reported that the company is partnering with Polygon Labs to launch the service across its 34-country network. Polygon’s blockchain infrastructure, built to provide scalable, faster, and cheaper transactions on Ethereum, will be used to enhance settlement speed and efficiency.

Game-Changing Potential

Flutterwave CEO Olugbenga Agboola stated that 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. Agboola added that “Stablecoin adoption will drive more flows into Africa,” noting 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.

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 on-chain 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.