Quidax's Buchi Okoro Discusses Stablecoins in Nigeria

On November 3, at an event in Lagos organized by Quidax and Tether, Buchi Okoro, co-founder and CEO of Quidax, indicated that Nigerian banks, asset managers, and fintech companies are considering the integration of stablecoins into their customer services over the next five years. While no specific Nigerian bank has committed to launching stablecoin products, this development signifies increasing institutional interest in digital assets.

Stablecoins like USDT and USDC, which are linked to the US dollar, facilitate transfers between digital wallets without relying on traditional banking systems. The International Monetary Fund (IMF) estimates that Nigeria received approximately $59 billion in crypto assets from July 2023 to June 2024, accounting for about 60% of stablecoin inflows into sub-Saharan Africa during that period.

In 2024, over 65% of Nigeria's cross-border crypto inflows were stablecoins, which are used for remittances and payments to overseas suppliers, highlighting their practical appeal amid high remittance costs and currency depreciation.