Stablecoin payment platform RedotPay has partnered with Ripple to launch a new crypto cash-out service for the Nigerian market. Dubbed "Send Crypto, Receive NGN," the service is built on Ripple Payments and allows users to convert a basket of major cryptocurrencies directly into Nigerian Naira, with funds deposited into a local bank account within minutes.
The service initially supports Bitcoin (BTC), Ether (ETH), Solana (SOL), Tron (TRX), BNB (BNB), XRP (XRP), and the stablecoins USD Coin (USDC) and Tether (USDT). Ripple's own stablecoin, Ripple USD (RLUSD), is expected to be added later. RedotPay CEO Michael Gao stated the goal is to build "stablecoin‑powered payments that make digital assets as easy to use as local currency."
This launch addresses a critical need for reliable off-ramps in Nigeria, a country that ranks sixth globally in crypto adoption. The service simplifies a process that has traditionally been cumbersome, aiming to enhance financial inclusion and provide a trustworthy bridge between digital assets and the established financial system.
The partnership emerges against a complex regulatory backdrop. The Nigerian Securities and Exchange Commission (SEC) tightened crypto marketing rules in late 2024, and the country is engaged in a major lawsuit against Binance. Despite this, Nigerian officials have expressed openness to compliant crypto businesses. RedotPay claims it is operating within the current regulatory framework and has recently achieved fintech 'unicorn' status after a $47 million funding round backed by investors including Coinbase Ventures.
Ripple continues to expand its global payment services, having recently received approval to expand in Singapore and for institutional use of RLUSD in Abu Dhabi.
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