RedotPay has partnered with Ripple to introduce “Send Crypto, Receive NGN,” a new feature that enables users to convert digital assets into Nigerian naira and receive funds directly into local bank accounts within minutes.
Powered by Ripple Payments, the service supports major cryptocurrencies at launch including USDC, USDT, Bitcoin, Ethereum, Solana, Tron, XRP, and BNB with Ripple’s USD stablecoin (RLUSD) expected to be added soon. According to RedotPay CEO Michael Gao, the company’s mission is to build stablecoin-driven payment solutions that make digital assets “as easy to use as local currency.”
With this rollout, verified RedotPay users in Nigeria can seamlessly send supported crypto assets and receive naira instantly. The launch comes as Nigeria continues to solidify its position as one of the world’s most active crypto markets, ranking sixth in Chainalysis’ 2025 Global Adoption Index.
ALSO: MTN Nigeria Disburses N100 Million to 20 Startups Under Cloud Accelerator Programme
A Shifting Regulatory Landscape
Nigeria’s regulatory stance has tightened over the past year. The Securities and Exchange Commission (SEC) updated its crypto rulebook in December 2024, introducing stricter guidelines for marketing and advertising of digital assets.
In early 2025, the Nigerian government filed an $81.5 billion lawsuit against Binance, alleging that the exchange destabilized the naira and owes $2 billion in back taxes. Despite these tensions, Information Minister Mohammed Idris clarified that many crypto companies operating within Nigeria are not under investigation or legal threat.
In July, SEC Director-General Emomotimi Agama signaled a more open approach, stating that Nigeria welcomes stablecoin-focused businesses that comply with regulatory requirements. This shift suggests a gradual stabilization of the country’s digital asset policy environment as authorities work to balance oversight with innovation.
RedotPay’s Rising Influence and Ripple’s Global Expansion
RedotPay became one of Africa’s newest fintech unicorns in September after raising $47 million in strategic funding. The round included participation from Coinbase Ventures, with continued support from Galaxy Ventures, Vertex Ventures, and an undisclosed global tech entrepreneur.
Ripple, meanwhile, continues to expand its global footprint. The company recently secured approval from Singapore’s central bank to broaden its payment services, while its RLUSD stablecoin also received institutional approval in Abu Dhabi, a sign of growing regulatory confidence in Ripple’s infrastructure across international markets.
