RedotPay is making it easier to turn crypto into cash in Nigeria. The fintech has partnered with Ripple to launch a new feature called Send Crypto, Receive NGN, allowing users to convert digital assets into Nigerian naira and receive funds in local bank accounts within minutes.
The service runs on Ripple Payments and supports a wide range of tokens at launch, including USDC, Tether, Bitcoin, Ethereum, Solana, Tron, XRP, and BNB. Ripple USD is expected to be added later. According to CEO Michael Gao, RedotPay’s goal is to build stablecoin-powered payments that make crypto as usable as local currency.
Verified RedotPay users with Nigerian bank accounts can now send supported cryptocurrencies and receive naira directly into their accounts in minutes. The timing matters. Nigeria continues to rank among the most active crypto markets globally, placing sixth in Chainalysis’ 2025 Global Adoption Index.
Regulation remains a key factor. Nigerian authorities tightened oversight in December 2024 when the Securities and Exchange Commission revamped crypto marketing and advertising rules. Enforcement has been more aggressive, but it has also brought clarity to the market.
Earlier this year, Nigeria filed an $81.5 billion lawsuit against Binance, alleging the exchange harmed the local currency and owed $2 billion in unpaid taxes. Despite the high-profile case, Information Minister Mohammed Idris said in March that many crypto businesses continue operating legally in the country without facing prosecution.
The regulatory tone appears to be shifting toward balance. In July, SEC Director-General Emomotimi Agama said Nigeria is open to stablecoin businesses that comply with local rules. The message is clear. Enforcement and innovation are no longer mutually exclusive.
RedotPay’s expansion comes after it joined the fintech unicorn club in September, following a $47 million strategic funding round. The raise included Coinbase Ventures, with continued backing from Galaxy Ventures and Vertex Ventures, plus support from a global tech entrepreneur who has not been named.
Ripple, meanwhile, continues to expand its payments footprint worldwide. Last week, the company received approval from Singapore’s central bank to broaden its payment services. Its RLUSD stablecoin has also gained institutional approval in Abu Dhabi, highlighting growing regulatory acceptance of Ripple’s infrastructure across key financial hubs.
The bigger picture is straightforward. With stablecoin rails, local compliance, and fast settlement, partnerships like this are turning crypto from a speculative asset into real-world payment infrastructure in one of the world’s most active digital asset markets.
