In the last decade, Africa has seen a fintech boom that reshaped how individuals send and receive money.
But for African businesses, especially those trading or paying vendors abroad, the real innovation is only just beginning.
It’s not a flashy payments app or a novel crypto token. It’s the quiet rise of stablecoins, digitizing the U.S. dollar in ways that solve old problems traditional finance has long ignored.
However, the impact of stablecoins isn’t limited to boardrooms or wire transfers, it’s becoming part of everyday African life.
A real story from the ground
On a recent vacation to Kenya with friends, we arrived with about $1,000 in cash, which we converted to Kenyan shillings.
When that ran out, we had only Nigerian naira left—and quickly discovered the challenge: there was no easy or instant way to convert naira to Kenyan shillings using traditional methods. The banks wouldn’t help. FX desks were closed. Mobile money didn’t support our currency.
So, we improvised.
We converted our naira to USDT (a dollar-backed stablecoin) using peer-to-peer platforms in Nigeria, then immediately exchanged that USDT for Kenyan shillings through a local P2P agent in Nairobi. The entire process from naira to USDT to shillings took under five minutes.
That’s when it truly clicked: stablecoins aren’t just a fintech innovation, they are real-time, cross-border lifelines.
The problem with traditional systems
Traditional correspondent banking doesn’t work for Africa. It is slow, expensive, and excludes the very people and businesses that need it most.
A business in Lagos paying a supplier in Dubai often has to go through multiple intermediaries each adding friction, fees and delays.
And even when legal, it often feels impossible.
The tragedy is that African businesses and consumers aren’t high-risk; they’re just under-served. Stablecoins are filling the gap because the status quo failed to adapt.
What makes stablecoins different
Stablecoins like USDC and USDT act as programmable, borderless versions of the U.S. dollar. They settle in minutes, not days. They remove reliance on correspondent banks and enable real financial inclusion at the infrastructure level.
For B2B payments, this means same-day settlements, even across continents. For travelers and remote workers, it means instant liquidity even when your home currency isn’t welcome abroad.
This is not de-dollarization. It’s digital dollarization, the unbundling of USD from the U.S. banking system and turning it into software.
Regulation will catch up eventually
There are still gaps. Liquidity, off-ramp infrastructure, and regulatory clarity are works in progress. But businesses and individuals aren’t waiting for policy to catch up—they are using stablecoins because they work.
At Oneremit, we have built an infrastructure to fix problems with FX restrictions, inflation and unstable banking rails, leveraging stablecoins as lifeline for businesses to pay suppliers globally, and send USD, EUR or GBP to over 30+ countries with a smooth and compliant experience on the surface.
Final thoughts
Stablecoins aren’t hype. They are infrastructure. They allow African businesses to compete globally, and give everyday people access to tools that were previously out of reach.
Whether you’re a business wiring $50,000 for imports or a tourist stranded with naira in Nairobi, the impact is the same: you are no longer locked out of the global financial system.
And that’s the kind of change Africa needs.
*Hammed Afenifere is the CEO and co-founder of Oneremit, a platform that empowers African businesses to streamline international payments. Over the last year, his key focus has been facilitating cross-border financial solutions. Leveraging blockchain expertise, he has led the charge to enhance financial accessibility for businesses operating across diverse markets.
