Key Takeaways
- • Banks, asset managers and fintech firms in Nigeria are considering offering stablecoins and other digital asset services to customers, according to Quidax CEO Buchi Okoro.
- • The IMF estimated Nigeria received approximately $59bn in crypto asset inflows between July 2023 and June 2024 and accounted for about 60 per cent of sub-Saharan Africa's stablecoin inflows between late 2019 and early 2025.
- • Chainalysis data cited by the SEC showed Nigeria accounted for over $92.1bn of sub-Saharan Africa's more than $205bn in on-chain value between July 2024 and June 2025, and ranked third globally in the 2026 Global Crypto Adoption Index.
- • The IMF warned that widespread stablecoin use could drive digital dollarisation, weaken naira demand and reduce monetary policy effectiveness, while flagging money laundering and monitoring risks.
- • No digital asset operator had obtained final registration under the SEC's Accelerated Regulatory Incubation Programme as of 29 October, so institutions entering the market face conditional approvals-in-principle.
Summary
Banks, asset managers and financial technology companies in Nigeria are considering offering stablecoins and other digital asset services to their customers as adoption expands, according to Buchi Okoro, Co-Founder and CEO of Quidax. Speaking at The Exchange, an invitation-only event on stablecoins and digital assets hosted by Quidax in partnership with Tether, the issuer of USDT, in Lagos, Okoro said institutional interest could extend digital assets beyond individual traders into cross-border payments, business transactions and international money transfers. He said Quidax intends to act as a trusted partner to institutions entering the market through infrastructure provision, business education and adherence to professional and compliance standards.
The IMF's June 2026 analysis of stablecoin use in Nigeria found that households and small businesses increasingly use digital wallets and dollar-pegged crypto assets to move money internationally. The fund estimated Nigeria received approximately $59bn in crypto asset inflows between July 2023 and June 2024, and accounted for about 60 per cent of stablecoin inflows into sub-Saharan Africa between late 2019 and early 2025. It attributed part of this adoption to naira depreciation, inflation and limited foreign exchange access in 2023 and 2024.
The IMF also identified risks. It warned that widespread adoption could encourage digital dollarisation, potentially weakening naira demand and reducing the effectiveness of domestic monetary policy, and highlighted money laundering risks and difficulties in monitoring transactions conducted through digital wallets and crypto platforms outside conventional channels. It has called for clearer rules for stablecoin issuers, improved transaction monitoring and stronger payment infrastructure.
Securities and Exchange Commission Lagos Zonal Office head John Briggs, representing Director-General Dr Emomotimi Agama, told the event that growing digital asset activity makes regulation and investor protection increasingly important. Citing Chainalysis data, Briggs said sub-Saharan Africa received more than $205bn in on-chain value between July 2024 and June 2025, with Nigeria accounting for over $92.1bn, the region's largest market. He said Nigeria ranked third in the 2026 Global Crypto Adoption Index, published by Chainalysis on 23 September, and first in domestic peer-to-peer activity and cross-border flows.
The regulatory framework will weigh heavily on institutions considering stablecoin services. The SEC granted approval-in-principle to Quidax and Busha in August 2024, the first cryptocurrency platforms to receive such recognition, but this did not amount to full registration. On 29 October, the SEC clarified that no digital asset operator had obtained final registration under its Accelerated Regulatory Incubation Programme, and that approvals-in-principle remain conditional on continued compliance. For banks, asset managers and fintechs, this implies obligations around customer verification, transaction monitoring, digital asset custody and investor protection.
The IMF's June 2026 analysis of stablecoin use in Nigeria found that households and small businesses increasingly use digital wallets and dollar-pegged crypto assets to move money internationally. The fund estimated Nigeria received approximately $59bn in crypto asset inflows between July 2023 and June 2024, and accounted for about 60 per cent of stablecoin inflows into sub-Saharan Africa between late 2019 and early 2025. It attributed part of this adoption to naira depreciation, inflation and limited foreign exchange access in 2023 and 2024.
The IMF also identified risks. It warned that widespread adoption could encourage digital dollarisation, potentially weakening naira demand and reducing the effectiveness of domestic monetary policy, and highlighted money laundering risks and difficulties in monitoring transactions conducted through digital wallets and crypto platforms outside conventional channels. It has called for clearer rules for stablecoin issuers, improved transaction monitoring and stronger payment infrastructure.
Securities and Exchange Commission Lagos Zonal Office head John Briggs, representing Director-General Dr Emomotimi Agama, told the event that growing digital asset activity makes regulation and investor protection increasingly important. Citing Chainalysis data, Briggs said sub-Saharan Africa received more than $205bn in on-chain value between July 2024 and June 2025, with Nigeria accounting for over $92.1bn, the region's largest market. He said Nigeria ranked third in the 2026 Global Crypto Adoption Index, published by Chainalysis on 23 September, and first in domestic peer-to-peer activity and cross-border flows.
The regulatory framework will weigh heavily on institutions considering stablecoin services. The SEC granted approval-in-principle to Quidax and Busha in August 2024, the first cryptocurrency platforms to receive such recognition, but this did not amount to full registration. On 29 October, the SEC clarified that no digital asset operator had obtained final registration under its Accelerated Regulatory Incubation Programme, and that approvals-in-principle remain conditional on continued compliance. For banks, asset managers and fintechs, this implies obligations around customer verification, transaction monitoring, digital asset custody and investor protection.
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