Nigeria’s fintech giant Flutterwave is set to transform Africa’s payment landscape by launching a cutting-edge cross-border payment platform powered by stablecoins. In collaboration with Polygon Labs, Flutterwave aims to roll out this groundbreaking service across its expansive network spanning 34 African countries, leveraging Polygon’s fast, scalable, and cost-efficient Ethereum-based blockchain infrastructure to supercharge transaction speeds and reduce costs.
Flutterwave CEO Olugbenga Agboola highlighted the immense potential of this initiative, emphasizing that it could “10x the volumes we are currently doing” by enabling businesses and consumers to bypass the expensive fees and delays rampant in traditional payment systems. This move comes at a pivotal moment as stablecoin adoption surges across the continent, providing locals an effective means to hedge against inflation and currency instability.
Stablecoins are increasingly becoming the preferred tool for remittances within Africa, where money transfers are vital to households and economies. According to a 2024 Chainalysis report, remittances sent via stablecoins from Sub-Saharan Africa can be up to 60% cheaper than conventional methods. This trend is especially pronounced amidst significant currency devaluations in key markets like Nigeria.
With clearer crypto regulations emerging in countries such as Nigeria, Kenya, Ghana, and South Africa, Flutterwave’s partnership with Polygon signals a major leap forward in making blockchain-powered payments a mainstream reality across Africa.
Read more at: https://cointelegraph.com/news/flutterwave-polygon-africa-stablecoin-payments