Nigeria Stablecoin Summit: Stakeholders champion real-world use cases for explosive adoption

Africa’s first Stablecoin Summit took the centre stage today at the Lagos Oriental Hotel in Victoria Island, signalling Nigeria’s rise as a global leader in blockchain innovation and digital finance. Themed “Enhancing Adoption for a Borderless Digital Economy,” the summit convened regulators, fintech pioneers, blockchain innovators, and policymakers to explore the transformative potential of stablecoins in addressing Nigeria’s economic challenges. 

With the nation ranking second globally in cryptocurrency adoption, per Chainalysis, the summit underscored Nigeria’s ambition to leverage stablecoins to tackle currency volatility and enhance financial inclusion.

Nigeria Stablecoin Summit, organised by the Africa Stablecoin Network (ASN), spotlighted collaborative efforts between regulators and industry stakeholders. Dr. Emomotimi Agama, Securities and Exchange Commission (SEC) Director-General, delivered a keynote address that radiated optimism and clarity, emphasising regulatory frameworks as the foundation for responsible innovation. 

“The ISA 2025, signed within seven days by Mr. President, is emphatic,” Agama declared. “SEC is the regulator of the digital asset space. There is no doubt as to our powers.”

This 2025 legislation clarifies the SEC’s authority over digital assets, including stablecoin issuance, while payment systems fall under the Central Bank of Nigeria (CBN).

Agama’s vision positioned Nigeria as a global fintech hub, spurring it to surpass even Delaware’s business-friendly reputation. 

“Nigeria is home for business,” he asserted. “We are making every provision that is necessary to get you here. Nigeria, I can tell you without a doubt, is going to be greater than Delaware.” 

He highlighted the Accelerated Regulatory Incubation Programme (ARIP), noting, “If you go to our website, you will see that we have a dedicated fintech.gov. All the information that you need to have to access the application is there. It is all black and white.” This transparency aims to attract global players while empowering local innovators.

The summit’s significance is amplified by Nigeria’s tech talent boom. Nathaniel Luz, ASN president and summit convener, emphasised stablecoins’ role as an economic lifeline. 

“While stablecoins are a luxury for the West, they are a necessity for Africa,” Luz said, citing their ability to stabilise Nigeria’s volatile naira, which depreciated from ₦460 to ₦1,500 against the dollar between 2022 and 2025.

Stablecoins like the cNGN, launched in 2025, enable seamless cross-border payments and financial access for Nigeria’s 70 million unbanked citizens.

Solving real problems with stablecoins

Iyinoluwa Aboyeji, Founder of Future Africa, provided a compelling perspective on driving stablecoin adoption, stressing practical use cases over technological hype. 

“People do not care about stablecoins,” Aboyeji candidly remarked. “They just care about their money and what their money can do for them.”

He urged innovators to focus on solving real-world problems, such as simplifying international trade. 

“I am an international businessman. I am trying to buy a container or two containers of goods from China. By the time I go to my bank, there are delays, charges… Before I even get through the banking transaction, I am already tired,” he explained. “How can stablecoin be an impulse in solving that problem? When can I ship anything from anywhere in the world on a platform powered by stablecoin? That is what people want to know.”

Aboyeji’s emphasis on user-centric solutions resonated throughout the summit. He cautioned against over-indexing on technology, noting, “The biggest problem that this community will have is over-indexing on the technology as opposed to giving us practical use cases.” 

He proposed stablecoins as tools for everyday challenges, like saving in dollars for purchases, as an edge against currency devaluation, and for enabling affordable access to global markets.

Obinna Iwuno, president of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), reinforced the need for interoperable systems. 

“The industry needs reliable on- and off-ramps that connect everyday commerce with stablecoins,” Iwuno stated, advocating for frameworks that balance innovation with consumer protection. S

iBAN’s efforts complement platforms like Interstellar’s STARGATE, which powers the Pan-African Payment and Settlement System, showcasing Nigeria’s leadership in blockchain-driven finance.

The summit featured a $10,000 startup pitch competition and an undergraduate essay contest, engaging young innovators and reflecting Nigeria’s vibrant fintech ecosystem. 

Agama addressed the challenge of balancing innovation with regulation, particularly when users repurpose products.

“Once you find out that people are using your innovation in ways that were not contemplated, you submit an amendment of purpose form,” he advised, emphasising compliance without stifling creativity.

He also announced monthly virtual SEC engagement meetings, stating, “Our responsibility is to serve you and not to serve ourselves.”

Aboyeji highlighted Nigeria’s unique advantages for fintech innovation, including access to regulators and a forgiving environment. “In Nigeria, I had the opportunity, as a child of nobody, to sit on the committee of bankers… Where else do you have that kind of opportunity?” he asked. 

He also noted the affordability of talent, saying, “Labour is cheap and inventive and young… A lot of things that you are trying to do, you can find young people and teach them what they can build with you.”

He emphasised the role of policy in creating markets, urging entrepreneurs to engage regulators proactively.

The SEC is bolstering investor protection through new USSD codes and a web platform for verifying investment authenticity, with plans to expand its presence across Nigeria.

“We want the SEC to be close to your doorstep,” Agama affirmed.

These measures address scepticism around digital assets, particularly following the eNaira’s limited adoption.

The summit showcased Nigeria’s collaborative spirit, with speakers like Franklin Peters of BoundlessPay exploring stablecoins’ applications in treasury management and cross-border commerce. With $59 billion in cryptocurrency value received between July 2023 and June 2024, Nigeria’s crypto activity is driven by practical needs, not speculation. 

Agama’s final advice encapsulated the summit’s ethos: “As a founder, do not be in a hurry. Create structure. Create governance. Be focused. It is only those that grow old that are counted.”

The Nigeria Stablecoin Summit marks a turning point, positioning Nigeria as a trailblazer in Africa’s digital finance landscape. By harnessing regulatory clarity, tech talent, and user-centric innovation, Nigeria is not just participating in the global digital economy but shaping its future. 

As stablecoins address currency volatility and financial exclusion, Nigeria’s “jungle lab” of innovation is poised to deliver solutions that resonate far beyond its borders.