RedotPay has partnered with Ripple to launch the “Send cryptocurrency, receive NGN” feature, allowing users to convert digital assets to Nigerian naira and receive it directly into their bank accounts within minutes. The service utilizes Ripple Payments infrastructure and supports major tokens such as USDC, USDT, BTC, ETH, SOL, TRX, XRP, and BNB; the stablecoin RLUSD will be added later.
RedotPay stated that they want to turn stablecoins into a convenient payment tool like local currency. Nigeria is one of the most dynamic cryptocurrency markets, ranking 6th globally in terms of adoption, even though the country has tightened regulations since late 2024 and previously sued Binance for causing fluctuations in the naira.
Despite the controversies, Nigeria remains open to stablecoin businesses that comply with the law. In September, RedotPay announced it achieved unicorn valuation after a $47 million funding round with participation from Coinbase Ventures and major funds.
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