1. Introduction

1.1 Africa’s Digital Economy

With the rapid global development of the digital economy, Africa stands at a crossroads of using digital economic transformation to foster sustainable development. Covering an area of over 30 million square kilometres, Africa had a population of over 1.4 billion as of 2022 and is rich in natural resources. According to the World Bank, Africa’s GDP in 2022 was approximately $2.98 trillion, maintaining a growth rate above 3% annually. Endeavor’s report states that Africa’s digital economy was worth roughly $115 billion in 2022, accounting for 3.86% of its GDP. This is expected to grow to $712 billion by 2050, in contrast to Asia, where the digital economy accounted for over 30% of GDP in 2022. Africa’s digital economy shows tremendous potential.

The digital economy encompasses sectors such as digital finance, digital commerce, and digital education. Digital finance integrates traditional financial services with digital technology. However, up to 66% of Africa’s population lacks bank accounts. People and businesses across African countries face challenges such as payments, loans, savings, and purchasing insurance. In recent years, the number of fintech companies in Africa has surged. In 2017, African fintech firms raised nearly $200 million. By 2019, investments in Africa exceeding $5 million totalled over $580 million each. The most prominent sectors in African digital finance include mobile payments (digital wallets), online lending, and remittances. Financial inclusion is one of the biggest opportunities for Africa’s digital industry, aimed at using digital technology to expand access to financial services.

Distribution of Major Fintech Enterprises in Africa (Data Source: Digital Africa Observatory, BriterBridges)

According to Statista, Africa’s mobile payment market (transaction volume) is expected to exceed $195 billion in 2024, more than double that of 2020. It has maintained a double-digit compound annual growth rate (CAGR) and is projected to grow further to $314.8 billion by 2028. In the past two years, many African countries have hit historical highs in electronic payment scales. According to data from the Central Bank of Nigeria, the transaction volume of mobile money in Nigeria doubled in 2020, reaching approximately 800 million transactions. Similarly, South African data indicates that online commerce grew by about 40% between 2020 and 2021. Digital payments are becoming a growing payment method across Africa. In 2023, 17% of African consumers used digital payment services daily, and 48% used them weekly.

African Digital Payment Market Scale (Data Source: Statista)

Mobile money, currently the most prominent and fastest-growing digital payment method in Africa, has seen remarkable growth. According to GSMA’s The State Of The Industry Report On Mobile Money, by 2023, the number of registered mobile money accounts in Africa reached 856 million, accounting for 49% of global accounts. Of the 136 million newly registered accounts, more than 70% came from Africa, making it the primary driver of global mobile money growth. Africa now hosts approximately 169 mobile money services, including M-PESA, Airtel Money, Orange Money, MTN Mobile Money, Ecocash, and Tigo Pesa. These platforms allow users to deposit, transfer, and withdraw money using mobile phones, providing a convenient alternative to traditional banking, especially in regions with limited banking infrastructure. Beyond improving financial inclusion and access to digital services, mobile money adoption, usage, and growth have also significantly boosted Africa’s macroeconomic development. Mobile money contributed over $150 billion to GDP growth in sub-Saharan Africa, with a contribution rate of 3.7%. For East Africa, the contribution rate reached 5.9%.

Contribution of Mobile Money to GDP by Region (Data Source: GSMA)

Digital Commerce, also known as e-commerce, Africa’s e-commerce sector faces challenges such as insufficient infrastructure, late development, and imperfections. However, its large population base, high proportion of young people, and substantial growth potential attract global investors. According to Statista, Africa’s e-commerce market is expected to reach $49.02 billion in online retail revenue by 2023, with an annual growth rate of nearly 14%. By 2027, the user base for e-commerce in Africa is projected to soar to 600 million, with a penetration rate of 44.3%. This expansion brings multiple benefits, including economic growth, job creation, and improved access to goods and services in remote rural areas.

Africa’s e-commerce industry is redefining traditional supply chains and business models. For example, Kenya’s Twiga Foods sources products directly from farmers and efficiently delivers them to urban retailers, simplifying the agricultural value chain. Similarly, Egypt’s MaxAB connects food and grocery retailers with suppliers in underserved regions. These innovations add diversity to the e-commerce landscape in Africa. The Pan-African Payment and Settlement System (PAPSS) provides a payment solution that facilitates transactions across Africa without relying on intermediary banks outside the continent. With over 10 countries and commercial banks adopting PAPSS, the e-commerce industry is experiencing substantial growth.

The digital economy also plays a significant role in traditional sectors such as logistics, agriculture, education, energy, and transportation. While driving economic and technological development, it fosters greater inclusivity and innovation. For instance, Nigeria’s Kobo360 and Kenya’s Lori Systems have introduced digital technologies into the traditional road transport market, enhancing efficiency and reliability, reducing truck idle rates, and increasing drivers’ incomes by over 50% after partnering with the platforms. In education, barriers such as lack of teachers, insufficient tuition funds, gender gaps, safety issues, and long travel distances to schools have hindered progress. To address these, Kenya’s EdTech company Eneza Education uses USSD and SMS to deliver services to feature phone users. According to its official website, Eneza’s user base has grown to 4.9 million, with over 1 million daily messages sent. Students have completed over 10 million cumulative questions and submitted over 1 million inquiries.

1.2 Stablecoins

1.2.1 Africa’s Stablecoin Market

The adoption of cryptocurrencies in Africa is growing rapidly. According to Chainalysis, Nigeria ranks second globally in cryptocurrency adoption, following India and surpassing countries like the United States and other Western nations. Stablecoins dominate this adoption. From July 2022 to June 2023, the cryptocurrency transaction volume in sub-Saharan Africa reached $117.1 billion, with stablecoins accounting for over 50% of all assets, significantly higher than BTC and ETH.

Monthly Cryptocurrency Trading Volume by Asset Class in Sub-Saharan African Countries (2023) (Source: Chainalysis)

In Nigeria, Africa’s largest cryptocurrency economy, the Central Bank of Nigeria announced in 2022 plans to redesign its legal currency (NAIRA) and issue new banknotes to combat inflation and exert greater control over currency circulation. Unfortunately, the resulting cash shortage in early 2023 placed immense pressure on the country’s unbanked population. Nigeria’s uncertain economic environment prompted many citizens to seek financial alternatives, leading to increased cryptocurrency holdings, especially stablecoins.

Cryptocurrency Trading Volume in Nigeria (Source: Chainalysis)

1.2.2 Applications of Stablecoins in Africa

Remittances

Over the past few decades, remittance inflows to Africa have steadily increased, but high remittance costs remain a burden for ordinary Africans. According to the United Nations Development Programme (UNDP), the cost of sending $200 to Africa in Q2 2022 was as high as 7.8%, significantly above the global average of 4%-6.4%. Using cryptocurrencies for remittances can drastically reduce costs, even to as little as one-twentieth of traditional methods. For example, Nigeria’s SureRemit charges 0%-2% for remittance transactions. Additionally, stablecoin remittances mitigate potential losses caused by asset price volatility. Major African trading platforms like Paxful, BuyCoins, Luno, and Quidax have seen significant stablecoin transaction demand for remittance purposes.

Remittance Costs (data source: UNDP)

Cross-Border Trade

Stablecoins offer low fees and fast settlement in cross-border trade. Traditional cross-border trade often relies on banks, but factors like stricter regulations, risk control, KYC requirements, and exchange rate risks have caused a decline in bank-supported trade activities, especially for Africa’s SMEs. Additionally, underdeveloped financial infrastructure and reliance on international banks limit trade growth. By using stablecoins combined with blockchain smart contracts, these issues can be effectively addressed.

Financial Inclusion

According to UNDP statistics, as of 2021, around 60% of people aged 15 and older in sub-Saharan Africa did not have bank accounts (compared to a global average of 26%), with women 12% less likely than men to have accounts. Africa averages only 4.5 commercial banks per 100,000 people, compared to a global average of 10.8.

Many cryptocurrency service providers integrate resources across industries to offer comprehensive financial services to underserved populations. For instance, Nigeria’s SureRemit not only provides remittance services but also partners with over 1,000 merchants globally, allowing users to purchase goods, pay tuition, and utility bills, and make donations via blockchain payment technology.

Statistics show a clear negative correlation between mobile money account penetration and unbanked adults, indicating that countries with higher mobile money adoption exhibit greater financial inclusion.

Cryptocurrency Enhancing Financial Inclusion (Source: UNDP)

Hedge Against Inflation

Many African countries have long struggled with high inflation rates (double-digit annual rates), significantly exceeding the global average. Local currencies in these regions face continuous and severe depreciation. This situation worsened after the COVID-19 pandemic; in 2021, inflation in sub-Saharan Africa rose by 3% due to supply chain crises and resource shortages. Using stablecoins pegged to the US dollar or similar currencies as reserve assets can mitigate this issue. Many major centralized exchanges now offer stablecoin savings services to African users.

Inflation Rates in Selected Sub-Saharan African Countries (Source: UNDP)

1.2.3 Major Stablecoins in Africa

The main stablecoins used in African countries include:

• [ ] Tether (USDT): The largest stablecoin by market capitalization (exceeding $110 billion) and the most widely used stablecoin globally and in Africa. According to Christopher Maurice, founder of Africa’s leading crypto exchange Yellow Card, USDT on the Tron network is among the most popular cryptocurrencies for African users. Many Africans prefer using dollar-pegged stablecoins like USDT on low-cost networks such as Tron to hedge against domestic inflation.
• [ ]
• [ ] USD Coin (USDC): Issued by Circle, USDC is the second-largest dollar stablecoin by market capitalization. Like USDT, USDC is actively expanding its footprint in Africa. In January 2024, Coinbase partnered with Yellow Card to extend its reach to 20 additional African countries, focusing on increasing USDC adoption. This initiative will enable millions of users to access USDC and conduct fast, reliable, and low-cost transactions on decentralized and open L2 Base platforms using Coinbase and Yellow Card products.
• [ ]
• [ ] WSPN USD (WUSD): Issued by WSPN, a stablecoin infrastructure company, WUSD aims to offer safer, more efficient, and transparent payment solutions by building a global compliance system and payment ecosystem. In July 2024, WSPN partnered with African fintech pioneer CanzaFinance to integrate WUSD into its ecosystem. This integration allows users to perform financial transactions such as remittances, payments, and savings with WUSD, along with seamless exchanges between WUSD and African fiat currencies. This collaboration accelerates the adoption of real-world assets (RWA) and decentralized finance (DeFi) solutions in Africa and other emerging markets.
• [ ]
• [ ] PayPal USD (PYUSD): A dollar stablecoin issued by PayPal, the world’s largest third-party payment platform.
• [ ]
• [ ] Celo USD (CUSD): Issued by Celo, CUSD is backed mainly by cryptocurrencies such as BTC, ETH, and Celo, differentiating it from the above stablecoins. In 2023, Celo partnered with Opera to launch the MiniPay stablecoin wallet, initially in Nigeria. Integrated with Opera Mini, the mobile browser, MiniPay aims to help African mobile internet users access Web3 products. Opera’s mobile payment subsidiary OPAY, a leading mobile payment provider in Africa, currently has over 35 million registered users.
• [ ]

1.2.4 Regional Differences

Africa’s digital economy shows significant regional disparities. In 2023, the continent had 856 million mobile money accounts with transaction volumes reaching $919 billion. East and West Africa are leading in mobile money development, with 85% of active accounts and 90.8% of transaction volumes. From the perspective of active accounts, East African countries had a strong foundation early on, while West African countries have experienced the fastest growth over the past decade.

Africa Mobile Money Overview 2023 (Source: GSMA)

Regional Distribution of Active Mobile Money Accounts in Africa (2013–2023) (Source: GSMA)

West Africa: Countries such as Nigeria, Ghana, and Senegal are rapidly developing crypto economies. According to a 2020 Statista survey, 32% of Nigerians had owned or used cryptocurrency—the highest proportion globally. In 2023, Nigeria became Africa’s largest recipient of cryptocurrencies, exceeding $56 billion. Several factors drive this: persistent devaluation of local currencies like the Nigerian naira and Ghanaian cedi, high inflation rates, and the demand for more secure and stable dollar-pegged stablecoins. As Africa’s largest country by population and economy, Nigeria accounted for 38% of remittance flows in sub-Saharan Africa in 2023, highlighting the significant demand for remittances and payments.

East Africa: East African countries like Kenya, Tanzania, and Mauritius are also active in the crypto economy. Kenya’s M-Pesa has become the largest mobile payment platform in the region, allowing people to perform cross-border payments, take short-term loans, receive wages, pay bills, and manage wealth through mobile networks. This has provided convenient financial experiences for those underserved by traditional financial services, significantly improving Kenya’s overall economic and social well-being.

Southern Africa: The crypto industry in southern Africa, particularly South Africa, has experienced rapid growth in recent years. With 80% of its population holding bank accounts and relatively high financial literacy, South Africa’s crypto adoption is primarily investment-driven. According to KuCoin research, 22% of South African adults (7.6 million people) are cryptocurrency investors, with many viewing digital assets as a preferred savings method for stable returns.

1.2.5 Growth Prospects

The rapid growth of e-commerce, the widespread application of digital services, the revolutionary development of mobile payments, and the uneven development among African countries will drive stablecoins to play an important role in Africa’s digital economy and financial systems in the future.

In recent years, Africa’s e-commerce market has grown at an astonishing pace, with the total market size expected to reach $939.8 billion by 2030. Local platforms like Jumia (the first African tech company listed on the NYSE) and Konga have emerged, while international giants like Amazon are actively expanding into Africa. This growth is primarily driven by the demographic dividend, as Africa is currently the fastest-growing region in terms of population. The continent’s population now exceeds 1.2 billion and is projected to reach 2.5 billion by 2050. This large population base provides enormous consumption potential. Particularly, the high proportion of young people, the increasing penetration of the internet, and the gradual shift of consumption habits to online platforms lay a solid foundation for the development of e-commerce.

Moreover, African governments and private enterprises have invested heavily in internet infrastructure in recent years, significantly increasing the coverage of fiber-optic and mobile communication networks. The penetration rate of smartphones is also rising rapidly, with the number of smartphone users in Africa projected to reach 675 million by 2025. The success of mobile payment platforms like Kenya’s M-Pesa has driven the adoption of cashless payments. With the continuous improvement of payment systems, the convenience and security of online shopping have been enhanced, further promoting the development of e-commerce.

Currently, there are 1.22 billion mobile network users in Africa, including 676 million smartphone users, accounting for 55.32%. Leading mobile payment platforms, including M-Pesa, Airtel Money, Orange Money, and MTN Mobile Money, are widely popular in Africa. They provide convenient financial services, addressing the difficulties faced by the unbanked population. By 2028, the value of Africa’s digital payment market is expected to grow further to $314.8 billion.

Other digital services, such as online education and telemedicine, are also in a phase of rapid development. According to a report by Expert Market Research, the size of Africa’s e-learning market is expected to reach $20.35 billion by 2028, with a compound annual growth rate (CAGR) of 39.2% between 2023 and 2028. This growth is mainly driven by increasing demand for online education and training solutions, the rising use of mobile devices, and government initiatives promoting digital education. The African healthcare market is projected to grow at an annual rate of 8.3%, reaching $259 billion by 2025. The rapid rise of digital health markets, such as mobile health apps, telemedicine services, and electronic health record systems, provides new solutions for improving the accessibility and quality of medical services.

In addition to the push from the rapid development of the digital economy, Africa currently faces economic challenges such as high inflation rates, currency volatility, low banking penetration, and weak financial infrastructure. Stablecoins offer a relatively stable medium of exchange, helping African individuals and businesses address these economic challenges effectively.

2. How Stablecoins Empower Africa’s Digital Economy

Stablecoins are designed to maintain a relatively stable value. The most widely circulated stablecoins, such as USDT and USDC, are pegged to the US dollar. As the most important currency in global trade, the US dollar maintains relative stability against the currencies of major countries. Therefore, using dollar-pegged stablecoins can effectively mitigate the risks of currency fluctuations in some African countries, where local currencies often experience long-term depreciation against the dollar due to unstable monetary policies and high inflation.

In traditional cross-border trade, banks play a crucial role by providing services such as payment settlement, trade financing, risk management, and foreign exchange transactions. SMEs dominate economic activities and cross-border trade in African countries, and trade financing is vital for import and export businesses. Over the past decade, bank-intermediated trade financing has accounted for an average of 40% of Africa’s total trade. However, stricter KYC, anti-money laundering (AML), and risk-based capital regulatory requirements have led to a steady decline in bank-supported trade financing, disproportionately affecting SMEs. Additional factors such as liquidity constraints, currency risk, credit risk, and time and cost pressures further challenge trade financing in Africa.

Using stablecoins can significantly address these issues. Blockchain technology enables payments to be completed within seconds, ensuring faster movement of funds among supply chain stakeholders, including buyers, sellers, and shipping companies. SMEs engaged in cross-border trade can access funds more quickly from banks and other financial institutions, ensuring liquidity. Reports indicate that stablecoins like USDT and USDC are already being used for international trade by African SMEs. Furthermore, decentralized finance (DeFi) systems based on stablecoins now offer relatively mature financial products and services, such as credit and deposits. This untapped potential in trade finance can promote greater SME participation in intra-African trade and sub-regional trade opportunities (e.g., within ECOWAS, SADC, IGAD, etc.).

Integrating stablecoins with existing mobile payment platforms can enhance transaction efficiency and reduce costs, making payments faster and cheaper. This is particularly attractive to users. Additionally, stablecoins can enhance financial inclusion. Stablecoins and the DeFi systems built upon them provide a pathway for unbanked populations to access a wide range of financial services.

The low cost and speed of stablecoin transactions also improve various aspects of digital services, making them more convenient and expanding their user base. In the realm of micropayments, stablecoins can significantly reduce costs, making small transactions more affordable. This is particularly important in Africa, where traditional payment methods are costly, and fast transactions can achieve near-instant payments. For micropayment scenarios, seamless payment processes are critical for users.

In subscription services, stablecoins simplify payment processes. Users can set up automatic payments once without needing to operate manually for every transaction. This is especially helpful for African users, who may rely more on mobile devices for transactions. The relative stability of stablecoins also reduces the risk of payment failures caused by currency volatility, ensuring the continuity of subscription services. Additionally, stablecoins can be used for a variety of digital services, such as in-game purchases, online education, and healthcare services, providing a smooth payment experience. They encourage African developers and service providers to explore new business models, such as microtransaction-based monetization.

Stablecoins can also contribute to the integration of African economies, facilitating regional trade and investment.

3. Challenges in Stablecoin Adoption

The large-scale adoption of stablecoins in Africa still faces several challenges, including government regulation, compliance, infrastructure, public concerns, and confidence.

Regulation and Compliance

Currently, most African countries are still exploring cryptocurrency regulations, lacking clear legal and asset definitions. Governments’ concerns primarily stem from financial stability risks, particularly the relationship between non-local currency-pegged stablecoins and fiat currencies. For instance, the Central Bank of Nigeria worries that widespread stablecoin adoption might weaken its control over monetary policy, lead to capital outflows, and further erode the value of the naira.

Stablecoins pegged to assets like the US dollar also raise concerns if their reserve assets are not properly managed. Mismanagement could trigger financial panic and instability, especially if stablecoins are widely used for transactions or savings. Additionally, the anonymity associated with certain cryptocurrencies could facilitate criminal activities, such as money laundering or funding illegal trades, thereby compromising financial stability and security. A clear regulatory framework for stablecoins, along with legal safeguards, is critical to their development.

Current State of Cryptocurrency Regulation in Sub-Saharan African Countries (Source: UNDP)

Limited Infrastructure

Mobile networks (4G/5G) and the internet are crucial infrastructures for supporting the digital economy. However, Africa’s 4G network coverage is only 50%, far below the global average. Some regions still rely on 2G networks. Except for relatively developed countries like South Africa, where internet penetration is high, the overall internet penetration rate across Africa is around 30%. This significantly limits the development of the digital economy and the stablecoin ecosystem.

Global Mobile Network Coverage (Source: International Telecommunication Union)

Proportion of Internet users in the population (data source: World Bank)

Public Concerns and Education

The anonymity associated with crypto transactions often raises concerns about criminal activities. Social engineering scams, phishing attacks, and fraudulent investment schemes targeting stablecoins can disproportionately affect newcomers. People in rural areas or those with limited exposure to technology may not be familiar with stablecoins or cryptocurrencies. This lack of awareness can hinder widespread adoption and make them more susceptible to fraud or misinformation.

Understanding how stablecoins work, their risks and benefits, and how to use them safely requires a certain level of financial literacy. Governments or relevant organizations need to increase public awareness and provide targeted financial education. Additionally, even fiat-pegged stablecoins may experience some degree of price volatility, which could deter potential users, especially those unfamiliar with crypto markets or with limited financial resources.

4. Case Studies

OnAfriq (MFS Africa)

OnAfriq, formerly known as MFS Africa, is Africa’s largest cross-border payment platform. Founded in 2009, it aims to drive the digital economy in Africa through digital payment solutions and financial services. With branches in major economies such as Nigeria, South Africa, and Ghana, OnAfriq’s core offerings include digital wallets, cross-border payment solutions, stablecoin services, and fintech products.

By 2024, OnAfriq serves over 500 million users across 40+ African countries. Individual users rely on OnAfriq for daily transactions, cross-border remittances, and micro-payments, while businesses utilize its cross-border payment solutions and merchant services, particularly for transactions with overseas suppliers and customers. OnAfriq supports multiple stablecoins, including USDC, USDT, DAI, and EURC, and has introduced its dollar-pegged stablecoin, AfriqCoin, for cross-border payments, with transaction fees as low as 0.5% to 1%.

OnAfriq collaborates with global financial institutions and local banks such as Visa, Mastercard, Ecobank, and Stanbic Bank, alongside partnerships with stablecoin provider Circle to leverage USDC’s stability and widespread acceptance. Its platform supports USDC payments, transfers, and storage, and offers DeFi products such as high-yield deposits, lending, and asset management.

OnAfriq has significantly improved financial inclusion in Africa, with over 500 million digital wallet users, most of whom were previously unbanked. The platform has provided financial education and training to more than 1 million individuals, enhancing financial literacy. Through its digital payment platform and stablecoin AfriqCoin, it has increased cross-border payment efficiency, reduced costs, and fostered regional and international trade, cutting processing times to just two minutes. OnAfriq also offers payment gateway services to local e-commerce businesses, supporting online transactions and the development of digital marketplaces. Plans include launching innovative products such as digital insurance and decentralized finance (DeFi) loans to further drive Africa’s digital economic transformation.

AZA Finance

Founded in 2013, AZA Finance is a leading fintech company in Africa, focusing on cross-border payments and forex solutions. Through its innovative platform, AZA Finance has optimized cross-border payment processes and enhanced liquidity between Africa and other global regions.

By 2024, AZA Finance’s cross-border payment platform has processed over 15 million transactions valued at $9 billion, serving more than 1.5 million users across 183 countries.

The company’s solutions have played a critical role in the implementation of the African Continental Free Trade Area (AfCFTA), simplifying cross-border payment processes and lowering transaction costs to support trade between AfCFTA member countries, fostering regional economic integration.

AZA Finance supports USDC and USDT on its payment platform, with stablecoin transactions accounting for 30% of its total transaction volume in 2023, reflecting strong market demand and acceptance.

WSPN

WSPN (Worldwide Stablecoin Payment Network) is a global digital payment company leveraging cutting-edge distributed ledger technology (DLT) to provide transparent, fast, and efficient digital payment solutions, advancing financial inclusion and digital payments. In its seed funding round, WSPN raised $30 million from renowned investors such as Foresight Venture and Folius Ventures.

In Africa, WSPN has made significant strides through its collaboration with the innovative AA wallet StableWallet, marking a key milestone in its globalization strategy. The partnership has driven substantial user adoption in Africa, with users benefiting from WUSD’s convenient payment functions and generous rewards.

WSPN plans to deepen its market penetration by collaborating on projects such as building Telegram mini-app communities. The AA wallet’s account abstraction technology makes WUSD more user-friendly, offering seamless cross-chain payment experiences.

This collaboration has not only rapidly expanded WSPN’s user base in Africa but also promoted financial inclusion through stablecoin technology. Looking ahead, WSPN plans to continue its partnerships to drive digital payment innovation and create a more transparent, efficient, and user-friendly ecosystem globally and in Africa.

Future Outlook

The success stories of OnAfriq, AZA Finance, and WSPN demonstrate how stablecoins can enhance financial services and drive economic growth in Africa. Key strategies for other industries and tech companies to tap into this potential include:

1. Enhancing Financial Infrastructure:

Develop local blockchain infrastructure to improve transaction capacity and security, enabling more stablecoin transactions. Promote the adoption of digital wallets and support stablecoin storage and transfers while integrating on-chain financial infrastructure like DeFi for greater convenience.

1. Advancing Policy and Regulatory Frameworks:

Encourage governments to establish clear regulations for stablecoin use, ensuring compliance while preventing illicit activities. Foster regional cooperation to standardize regulations and promote cross-border stablecoin transactions.

1. Raising Public and Business Awareness:

Conduct widespread education campaigns to increase understanding and adoption of stablecoins. Partner with local businesses to accept stablecoins as a payment option and promote their use in everyday transactions, such as bill payments and purchases.

1. Strengthening Partnerships:

Collaborate with global stablecoin issuers like Circle and Tether to expand use cases and improve payment systems. Build partnerships with blockchain and fintech companies to enhance technology and with international financial institutions to extend the reach of stablecoin networks.

5. References

New report from Endeavor Nigeria says Africa’s technology ecosystem is poised for exponential growth

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数字赋能非洲 (Digital Empowerment in Africa)
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研究：非洲数字支付规模即将突破 1950 亿美元 (Study: Africa’s Digital Payment Volume Expected to Surpass $195 Billion)
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The State Of The Industry Report On Mobile Money – GSMA
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The 2023 Geography of Cryptocurrency Report – Chainalysis

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Cryptocurrency in Africa – UNDP
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Stablecoins Find a Use Case in Africa’s Most Volatile Markets
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Fintech and Crypto Assets in the Central African Republic – IMF
Read more

Disclaimer:

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2. Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute investment advice.
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