Introduction
Digital payment platform RedotPay has partnered with Ripple to introduce an innovative feature named “Send Crypto, Receive NGN.” This allows users to convert various cryptocurrencies into Nigerian naira (NGN) and quickly transfer the funds to local bank accounts, often completing the process in mere minutes.
Service Overview
According to Ripple’s announcement made on Tuesday, the new service operates on the Ripple Payments network and initially supports a range of significant tokens. This includes USDC, USDt, Bitcoin, Ether, Solana, Tron, XRP, and BNB, with plans to incorporate Ripple USD in the future.
“We are creating stablecoin-based payment solutions aimed at making the use of digital assets as straightforward as utilizing local currencies. Users can send XRP or stablecoins securely and access NGN rapidly,” stated RedotPay’s CEO, Michael Gao.
For users verified by RedotPay and holding local bank accounts, transferring supported cryptocurrencies to receive NGN will be seamless and fast, as highlighted by the company.
Nigeria’s Cryptocurrency Landscape
Nigeria has emerged as a noteworthy player in the cryptocurrency landscape, ranking sixth globally in user engagement and research interest based on the Chainalysis 2025 Global Adoption Index. Despite the growing popularity of cryptocurrencies, Nigerian regulators have adopted a more stringent approach since last year. The Securities and Exchange Commission (SEC) of Nigeria revised its crypto regulations in December 2024 to impose stricter controls on marketing and advertising within the sector.
In a notable case this year, the Nigerian government filed an $81.5 billion lawsuit against Binance, accusing the exchange of significantly affecting the value of the naira and demanding $2 billion in unpaid taxes.
Nonetheless, Nigerian Information Minister Mohammed Idris remarked in March that numerous crypto enterprises are functioning within the country without facing any legal repercussions. In July, SEC Director-General Emomotimi Agama further indicated that Nigeria is open to stablecoin ventures complying with its regulatory framework.
RedotPay’s Growth and Future Plans
On a different note, RedotPay recently announced that it secured a strategic investment of $47 million, thereby attaining unicorn status in the fintech industry. The funding round included contributions from Coinbase Ventures, continued investment from Galaxy Ventures and Vertex Ventures, as well as backing from a globally recognized tech entrepreneur whose identity remains anonymous.
Meanwhile, Ripple is also progressing in its payment services, having recently obtained authorization from Singapore’s central bank to extend its payment operations in the region. Previously, their RLUSD stablecoin was approved for institutional transactions in Abu Dhabi.
