RedotPay has teamed up with Ripple to launch “Send Crypto, Receive NGN,” a new feature that lets users convert digital assets into Nigerian naira and receive the funds in local bank accounts within minutes.
The service is built on Ripple Payments and supports a basket of major tokens at launch, including USDC (USDC), USDt (USDT), Bitcoin (BTC), Ether (ETH), Solana (SOL), Tron (TRX), XRP (XRP) and BNB (BNB), with Ripple USD (RLUSD) expected to be added later, Ripple said in a Tuesday announcement.
“RedotPay is building stablecoin‑powered payments that make digital assets as easy to use as local currency, where users can send XRP or stablecoins securely and receive NGN within minutes,” RedotPay’s CEO Michael Gao said.
Verified RedotPay users with local bank accounts can send supported cryptocurrencies and receive NGN directly into their bank accounts within minutes, the company said.
Related: Nigerian fintech plans African stablecoin payment system with Polygon: Report
Nigeria’s turbulent crypto past
Nigeria ranks among the world’s most active countries in terms of usage and search interest, placing sixth in Chainalysis’ 2025 Global Adoption Index.
However, regulators have taken a tougher line since last year. The Nigerian Securities and Exchange Commission (SEC) overhauled its crypto regulations in December 2024, tightening laws around crypto marketing and advertising.
Earlier this year, the country also filed an $81.5 billion lawsuit against Binance, claiming the exchange crashed Nigeria’s local currency, the naira, and said that Binance owed $2 billion in back taxes.
Despite these controversies, Nigerian Information Minister Mohammed Idris said in March that many crypto businesses operate inside the country and are not facing litigation or criminal prosecution.
In July, Nigeria’s SEC Director-General Emomotimi Agama also announced that the country was open to stablecoin businesses that comply with local regulations.
Related: Countries across Africa approve new crypto laws as adoption grows
RedotPay claims unicorn status
In September, RedotPay said it joined the ranks of fintech unicorns after securing a $47 million strategic investment round. The raise saw participation from Coinbase Ventures, with continued backing from Galaxy Ventures and Vertex Ventures, and support from a global tech entrepreneur whose identity was not disclosed.
Meanwhile, Ripple has been expanding its payment services. Last week, the company received approval from Singapore’s central bank to expand its payment activities in the region. Previously, the firm’s RLUSD stablecoin received approval for institutional use in Abu Dhabi.
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