RedotPay said users can convert cryptocurrency into Nigerian naira and receive funds directly in their local bank accounts within minutes.
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RedotPay has teamed up with Ripple to launch “Send Crypto, Receive NGN,” a new feature that lets users convert digital assets into Nigerian naira and receive the funds in local bank accounts within minutes.
The service is built on Ripple Payments and supports a basket of major tokens at launch, including USDC (), USDt (), Bitcoin (), Ether (), Solana (), Tron (), XRP () and BNB (), with Ripple USD () expected to be added later, Ripple in a Tuesday announcement.
“RedotPay is building stablecoin‑powered payments that make digital assets as easy to use as local currency, where users can send XRP or stablecoins securely and receive NGN within minutes,” RedotPay’s CEO Michael Gao said.
Verified RedotPay users with local bank accounts can send supported cryptocurrencies and receive NGN directly into their bank accounts within minutes, the company said.
Related:
Nigeria’s turbulent crypto past
Nigeria ranks among the world’s most active countries in terms of usage and search interest, placing sixth in Chainalysis’ .
However, regulators have taken a tougher line since last year. The Nigerian Securities and Exchange Commission (SEC) overhauled its crypto regulations in December 2024, and advertising.
Earlier this year, the country also against Binance, claiming the exchange crashed Nigeria’s local currency, the naira, and said that Binance owed $2 billion in back taxes.
Despite these controversies, Nigerian Information Minister Mohammed Idris said in March that many crypto businesses and are not facing litigation or criminal prosecution.
In July, Nigeria’s SEC Director-General Emomotimi Agama also announced that the to stablecoin businesses that comply with local regulations.
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RedotPay claims unicorn status
In September, RedotPay said it joined the after securing a $47 million strategic investment round. The raise saw participation from Coinbase Ventures, with continued backing from Galaxy Ventures and Vertex Ventures, and support from a global tech entrepreneur whose identity was not disclosed.
Meanwhile, Ripple has been expanding its payment services. Last week, the company Singapore’s central bank to expand its payment activities in the region. Previously, the firm’s RLUSD stablecoin in Abu Dhabi.
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