New service offers near-instant conversions as Nigeria tightens digital-asset rules
Payments firm RedotPay has introduced a feature that enables users to convert digital assets into Nigerian naira (NGN) and deliver funds straight into domestic bank accounts, marking a notable expansion of crypto-to-fiat access in one of the world’s most active digital-asset markets.
Ripple-Powered Transfers Go Live
The rollout, branded “Send Crypto, Receive NGN,” is built on Ripple’s payment infrastructure and supports a wide range of major tokens at launch, including USDC, USDT`, Bitcoin, Ether, Solana, Tron, XRP, and BNB. `Ripple USD is expected to be added later. According to RedotPay, verified users can initiate transfers and receive naira within minutes, a speed the company frames as essential for everyday use.
Nigeria’s Shifting Policy Landscape
Nigeria remains a global hotspot for crypto activity, ranking sixth in overall adoption. Yet its policy environment has grown more restrictive. Over the past year, authorities have tightened marketing rules, launched investigations into major exchanges, and pursued high-profile legal actions tied to currency volatility and tax disputes.
Still, officials have signaled openness toward compliant operators. Recent public statements from government and regulatory leaders reaffirmed support for stablecoin-focused businesses that meet local standards.
RedotPay also reported achieving unicorn status in September following a $47 million strategic funding round backed by several prominent venture investors. The firm says the new NGN service is part of a broader plan to position digital assets as tools for fast, low-friction payments across emerging markets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.