RedotPay has partnered with Ripple to introduce “Send Crypto, Receive NGN,” a feature that allows users to quickly convert digital assets to Nigerian naira and transfer funds to local bank accounts in mere minutes.
This service is powered by Ripple Payments and initially supports several major tokens, 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 integrated soon, as Ripple announced on Tuesday.
“RedotPay is creating stablecoin-driven payments that enable digital assets to function like local currency, allowing users to safely send XRP or stablecoins and receive NGN in a matter of minutes,” stated RedotPay’s CEO Michael Gao.
Verified RedotPay users with local bank accounts can send eligible cryptocurrencies and have NGN deposited directly into their bank accounts almost instantly, according to the company.
Related: Nigerian fintech plans African stablecoin payment system with Polygon: Report
Nigeria’s turbulent crypto past
Nigeria ranks among the most active countries globally in terms of cryptocurrency usage and search interest, holding the sixth position in Chainalysis’ 2025 Global Adoption Index.
However, regulatory stances have become stricter over the past year. The Nigerian Securities and Exchange Commission (SEC) revamped its crypto regulations in December 2024, intensifying rules regarding crypto marketing and advertising.
Earlier this year, the country filed an $81.5 billion lawsuit against Binance, claiming the exchange devalued Nigeria’s local currency, the naira, and stated that Binance owed $2 billion in back taxes.
Despite these challenges, Nigerian Information Minister Mohammed Idris remarked in March that many crypto enterprises are thriving within the country without facing legal actions or criminal charges.
In July, Nigeria’s SEC Director-General Emomotimi Agama announced the country’s openness to stablecoin businesses that adhere to local regulations.
Related: Countries across Africa approve new crypto laws as adoption grows
RedotPay claims unicorn status
In September, RedotPay declared its status as a fintech unicorn after securing a $47 million strategic investment round. The funding round included contributions from Coinbase Ventures, ongoing support from Galaxy Ventures and Vertex Ventures, and involvement from an undisclosed global tech entrepreneur.
Meanwhile, Ripple has been broadening its payment services. Last week, the company gained approval from Singapore’s central bank to enhance its payment operations in the region. Previously, its RLUSD stablecoin obtained approval for institutional usage in Abu Dhabi.
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