Stablecoins are set to become a major driver of business transactions in Nigeria within the next one to three years, digital assets exchange, Zabira Technologies, predicted.
The company made this projection during a press briefing on its brand relaunch in Lagos, where it highlighted trends in the crypto space.
According to the Head of Marketing & Communications at Zabira, Ike Ekemah, stablecoins will become a mainstream financial tool as companies seek faster, cheaper, and more reliable cross-border payment alternatives.
He explained that businesses already constrained by foreign exchange bottlenecks are increasingly turning to crypto, with stablecoins offering a way to bypass lengthy transaction processes and high fees associated with traditional banking.
“We’ll see a surge of businesses, especially around the import-export sector, invest heavily in stablecoins because it reduces turnaround times for payments, it reduces hassles, human fees and whatnot,” he said.
Crypto use cases in Nigeria
Ekemah pointed out that freelancers, e-commerce operators, and logistics companies are already leveraging cryptocurrency, especially stablecoins, to receive and make payments.
For example, international clients who may not pay in naira can send funds in stablecoins, which platforms like Zabira instantly convert to naira.
This makes it easier for Nigerian users to integrate crypto into daily transactions, even though most local merchants are yet to accept direct crypto payments.
He further predicted that, just as mobile transfers have become widely accepted even at grassroots levels, Nigerians will eventually adopt cryptocurrency as a standard payment option.
Regulators warming up to crypto
Highlighting factors driving crypto adoption, Head of Sales and Business Development at Zabira, Stanley Emmanuel, noted that global regulatory frameworks are also influencing adoption.
- Citing recent policy shifts such as the U.S. “Ingenious Act,” which recognizes cryptocurrencies within legal frameworks, he said such developments are pushing businesses and investors to see crypto as a legitimate financial tool rather than a speculative asset.
- Across Africa, countries like Rwanda, South Africa, Kenya, and Morocco are also making progress toward crypto adoption, particularly in payments.
- Emmanuel argued that Nigerian regulators’ softer stance in recent communications shows the digital asset space is gradually gaining recognition at home as well.
Speaking on the company’s rebrand after six years, Zabira’s Founder and CEO, Isaac John, said the company founded in 2019 as a simple wallet solution, has evolved into a comprehensive digital payments and asset exchange platform, enabling individuals and businesses to seamlessly acquire, store, swap, and grow their digital assets.
According to him, the rebrand underscores a renewed commitment to clarity, trust, and accessibility, aligning with the company’s mission to become Africa’s most reliable digital asset hub.
What you should know
A recent report has also acknowledged the stablecoins adoption growth in Nigeria as the country emerged as Africa’s biggest stablecoin market, with nearly $22 billion worth of transactions recorded between July 2023 and June 2024.
The report, titled Stablecoin Adoption in Emerging Markets, highlighted the transformative role of stablecoins across the continent, where they now account for 43% of all crypto transaction volumes in Sub-Saharan Africa.
