Flutterwave, a Nigerian fintech company, has announced a strategic partnership with Polygon Labs to launch stablecoin payments on its platform, targeting businesses in 34 African countries starting later this year. This collaboration aims to revolutionize cross-border transactions by offering faster and cheaper alternatives to traditional payment systems, with transaction fees reduced by over 8% and processing times cut from days to minutes.
The multi-year agreement will enable global corporations like Uber and Audiomack to facilitate seamless fund transfers across more than 30 African nations. Flutterwave CEO Olugbenga Agboola emphasized that stablecoins are experiencing rapid global expansion and stated the company's goal to become the preferred payment option for businesses dealing with African suppliers. He projected that this initiative could increase payment volumes by ten times compared to current figures.
This move comes amid growing crypto adoption in Africa, with Nigeria alone recording $50 billion in cryptocurrency transactions in the 12 months ending June 2024. Stablecoins are particularly appealing to younger populations seeking to avoid bureaucratic delays, high local interest rates, and the devaluation of the naira, which has lost substantial value against the dollar since 2023. The partnership follows the enactment of a US law in July that established regulatory frameworks for stablecoins.
The initial rollout will focus on enterprise customers through Flutterwave for Business, with plans to expand to consumer remittances via the Send App in 2026. Polygon's infrastructure, with sub-$0.01 transaction fees, is expected to enhance liquidity and simplify cross-border trade. The network has already seen a 141% increase in small USDC transfers in 2025 and handles about 50% of all USDC transfers in the $100–$1,000 range within the United States, supporting projects like BlackRock's BUIDL Fund and Polymarket.
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