Nigerian fintech plans African stablecoin payment system with Polygon: Report
Flutterwave is partnering with Polygon Labs to launch a stablecoin-powered cross-border payment network across 34 African countries.Summary
Nigerian fintech giant Flutterwave is developing a stablecoin-powered cross-border payment platform across its 34-country network in Africa, in partnership with Polygon Labs. The initiative aims to leverage Polygon's scalable blockchain infrastructure to significantly enhance settlement speed and efficiency, bypassing the high costs and delays associated with traditional payment systems. Flutterwave CEO Olugbenga Agboola believes this move could dramatically increase fund flows into the continent. This development aligns with a broader trend of increasing stablecoin adoption across Africa, where tokens like USDT and USDC are used to hedge against inflation and currency instability. Stablecoins are also proving to be a significantly cheaper alternative for remittances, with data showing transfers can be about 60% cheaper than fiat methods in Sub-Saharan Africa.
(Source：Cointelegraph)