Verified RedotPay users with local bank accounts can send supported cryptocurrencies and receive naira directly into their bank accounts within minutes.
Ripple News
RedotPay has partnered with Ripple to launch “Send Crypto, Receive NGN,” a feature allowing users to convert digital assets into Nigerian naira and receive funds in local bank accounts within minutes.
The service is built on Ripple Payments and supports major tokens at launch, including USDC, Tether, Bitcoin, Ethereum, Solana, Tron, XRP, and BNB, with Ripple USD expected to be added later. RedotPay CEO Michael Gao stated the company is building stablecoin-powered payments that make digital assets as easy to use as local currency.
Verified RedotPay users with local bank accounts can send supported cryptocurrencies and receive naira directly into their bank accounts within minutes. The launch comes as Nigeria ranks among the world's most active countries in terms of usage and search interest, placing sixth in Chainalysis' 2025 Global Adoption Index.
Nigerian regulators have taken a tougher line since last year. The Nigerian Securities and Exchange Commission overhauled its crypto regulations in December 2024, tightening laws around crypto marketing and advertising.
Earlier this year, Nigeria filed an $81.5 billion lawsuit against Binance, claiming the exchange crashed the local currency and stating Binance owed $2 billion in back taxes. Despite these controversies, Nigerian Information Minister Mohammed Idris said in March that many crypto businesses operate inside the country and are not facing litigation or criminal prosecution.
In July, Nigeria's SEC Director-General Emomotimi Agama announced the country was open to stablecoin businesses that comply with local regulations. The regulatory environment appears to be stabilizing as authorities balance enforcement with fostering innovation in the digital asset sector.
RedotPay joined the ranks of fintech unicorns in September after securing a $47 million strategic investment round. The raise saw participation from Coinbase Ventures, with continued backing from Galaxy Ventures and Vertex Ventures, and support from a global tech entrepreneur whose identity was not disclosed.
Ripple has been expanding its payment services globally. Last week, the company received approval from Singapore's central bank to expand its payment activities in the region. Previously, the firm's RLUSD stablecoin received approval for institutional use in Abu Dhabi, demonstrating growing regulatory acceptance of Ripple's cryptocurrency infrastructure across multiple jurisdictions.
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