Flutterwave, Nigeria’s largest fintech company, is joining forces with Polygon Labs to develop a stablecoin-powered cross-border payments network covering 34 countries across Africa, according to a Bloomberg report on Thursday.
The new platform will leverage Polygon’s scalable blockchain infrastructure known for its low-cost and high-speed transactions on Ethereum to facilitate near-instant settlements between businesses and individuals.
The collaboration marks a major step toward transforming Africa’s payment landscape. Stablecoin adoption will drive more flows into Africa, the initiative has the potential to 10x the volumes we are currently doing.
The fintech firm intends to use blockchain’s transparency and interoperability to reduce reliance on costly intermediaries, a common bottleneck in Africa’s cross-border remittance system.
Stablecoins emerge as cheaper, faster remittance tools
Stablecoins such as Tether (USDT) and USD Coin (USDC) are rapidly gaining popularity in African markets as citizens seek protection from volatile local currencies and rising inflation.
A 2024 Chainalysis report found that sending a $200 remittance within Sub-Saharan Africa is about 60% cheaper using stablecoins than traditional money transfer systems. The report also highlighted a surge in onchain transaction volumes in March 2025, coinciding with sharp currency devaluations in Nigeria, the continent’s largest economy.
The trend underscores a broader shift toward crypto-enabled financial services, with countries like Kenya, Ghana, South Africa, and Nigeria taking steps toward clearer and more supportive regulatory frameworks.
By integrating blockchain-based payment rails, Flutterwave and Polygon aim to streamline cross-border commerce, reduce transaction costs, and expand access to financial infrastructure for millions across the continent.