Digital asset exchange Zabira Technologies anticipates that stablecoins will become a central mechanism for business transactions in Nigeria over the next one to three years.
This forecast was revealed during the company’s brand relaunch event held in Lagos, where emerging trends in the cryptocurrency space were discussed.
Zabira’s Marketing & Communications lead, Ike Ekemah, emphasized that stablecoins are set to evolve into a mainstream financial resource as enterprises pursue faster, more affordable, and dependable cross-border payment solutions. The growing limitations caused by foreign exchange bottlenecks have prompted firms to increasingly explore cryptocurrency options. Stablecoins, in particular, allow these businesses to sidestep lengthy traditional banking delays and exorbitant fees.
Ekemah noted,
We expect a significant uptick in businesses, particularly within the import-export domain, allocating resources toward stablecoins since these digital currencies cut down turnaround times, ease transaction complexities, and lower human-related costs
Already, various sectors such as freelancers, e-commerce, and logistics are making use of stablecoins for payment purposes. Platforms like Zabira facilitate the instant conversion of stablecoins into naira, allowing international clients to transact seamlessly without relying on the local currency. Although acceptance of direct crypto transactions by merchants remains limited, Nigerians are gradually integrating cryptocurrency into everyday commerce.
Drawing parallels to the widespread adoption of mobile money transfers at grassroots levels, Ekemah predicts a future where cryptocurrency payments become standard in Nigeria.
Across the continent, countries such as Rwanda, South Africa, Kenya, and Morocco are rapidly advancing their crypto ecosystems, particularly for payments. The relatively softer approach by Nigerian regulators also shows increasing acknowledgment of digital assets at home.
Reflecting on the company’s evolution since its 2019 founding as a wallet solution, CEO Isaac John described Zabira’s transformation into a full-fledged digital payments and asset exchange platform.
A recent report corroborates the momentum behind stablecoins, revealing Nigeria as Africa’s largest market with nearly $22 billion in stablecoin transactions recorded between July 2023 and June 2024. This surge stresses the vital role stablecoins are playing in facilitating cross-border trade, treasury management, and inflation hedging across the continent.
