RedotPay has partnered with Ripple to launch “Send Crypto, Receive NGN,” a brand new feature that permits users to convert digital assets into Nigerian naira and receive the funds in local bank accounts inside minutes.
The service is built on Ripple Payments and can support a basket of major tokens at launch, including USDC (USDC), USDt (USDT), Bitcoin (BTC), Ether (ETH), Solana (SOL), Tron (TRX), XRP (XRP), and BNB (BNB). Ripple USD (RLUSD) might be added later, Ripple said in an announcement on Tuesday.
“RedotPay is developing stablecoin-based payments that make using digital assets as easy as local currency, with users capable of securely send XRP or stablecoins and receive NGN inside minutes,” said Michael Gao, CEO of RedotPay.
Verified RedotPay users with local bank accounts can send supported cryptocurrencies and receive NGN on to their bank accounts inside minutes, the corporate said.
Nigeria's turbulent crypto past
Nigeria is amongst essentially the most lively countries on the planet when it comes to usage and search interest, rating sixth in Chainalysis's Global Adoption Index 2025.
The 20 countries with the best overall crypto adoption. Source: Chainalysis
However, regulators have taken a tougher approach since last yr. The Nigerian Securities and Exchange Commission (SEC) revised its crypto regulations in December 2024, tightening the laws surrounding crypto marketing and promoting.
Earlier this yr, the country also filed an $81.5 billion lawsuit against Binance, claiming the exchange crashed Nigeria's local currency, the naira, and said Binance owed $2 billion in back taxes.
Despite these controversies, Nigerian Information Minister Mohammed Idris said in March that many crypto firms were operating within the country and wouldn’t face litigation or criminal prosecution.
In July, Nigerian SEC Director General Emomotimi Agama also announced that the country is open to stablecoin firms that comply with local regulations.
RedotPay claims unicorn status
In September, RedotPay announced it had joined the ranks of fintech unicorns after securing a $47 million strategic investment round. Participating within the raise was Coinbase Ventures, further backed by Galaxy Ventures and Vertex Ventures, in addition to a world technology entrepreneur whose identity was not disclosed.
Meanwhile, Ripple has expanded its payment services. Last week, the corporate received approval from Singapore's central bank to expand its payments operations within the region. Previously, the corporate's RLUSD stablecoin received approval for institutional use in Abu Dhabi.
