Nigerian startup Cardex has introduced a payroll system that enables freelancers and web3 professionals to receive payments in stablecoins like USDT and USDC, then convert instantly to naira.
This solution bypasses delays, high costs, and risks linked to peer-to-peer (P2P) exchanges.
At the Stablecoin Summit in Lagos, the Securities and Exchange Commission (SEC) rolled out a regulatory sandbox for stablecoin startups, encouraging innovation within a structured environment that supports economic use cases like cross-border trade and programmable payments.
Nigeria ranked second globally in crypto adoption, driven largely by stablecoin usage as a buffer against the naira’s devaluation.
In Q1 2024, stablecoin-to-naira transactions alone hit nearly $3 billion.
The SEC’s regulatory framework aims to balance innovation with investor protection, positioning stablecoins as a viable tool, not just speculative assets addressing real financial needs in an unstable economy.
Nigeria is fast-tracking its entry into regulated crypto use. Through platforms like Cardex and regulatory pathways offered by the SEC sandbox, the country is seeking to stabilize its economy and empower its digital workforce.
