RedotPay and Ripple Launch Crypto-to-NGN Payments in Nigeria

RedotPay and Ripple Collaborate on Crypto-to-Naira Payments in Nigeria

RedotPay has announced a partnership with Ripple to introduce "Send Crypto, Receive NGN," a new feature designed to allow users to convert digital assets into Nigerian Naira (NGN) and receive the funds directly into their local bank accounts within minutes. This service is built on the Ripple Payments platform.

At launch, the service supports a range of major cryptocurrencies, including USDC (USDC), USDt (USDT), Bitcoin (BTC), Ether (ETH), Solana (SOL), Tron (TRX), XRP (XRP), and BNB (BNB). Ripple USD (RLUSD) is expected to be added in the near future, according to a Tuesday announcement.

“RedotPay is building stablecoin‑powered payments that make digital assets as easy to use as local currency, where users can send XRP or stablecoins securely and receive NGN within minutes,” said Michael Gao, CEO of RedotPay.

Verified RedotPay users with local bank accounts can now send supported cryptocurrencies and receive NGN directly into their bank accounts within minutes, the company stated.

Nigeria's Crypto Landscape

Nigeria ranks among the most active countries globally in cryptocurrency usage and search interest, securing the sixth position in Chainalysis’ 2025 Global Adoption Index.

However, regulators have adopted a stricter stance since last year. The Nigerian Securities and Exchange Commission (SEC) revamped its crypto regulations in December 2024, tightening laws surrounding crypto marketing and advertising.

Earlier this year, Nigeria filed an $81.5 billion lawsuit against Binance, alleging that the exchange contributed to the devaluation of the local currency, the Naira, and claimed Binance owed $2 billion in back taxes.

Despite these challenges, Nigerian Information Minister Mohammed Idris stated in March that numerous crypto businesses operate within the country without facing litigation or criminal prosecution.

In July, the Director-General of Nigeria’s SEC, Emomotimi Agama, announced that the country is open to stablecoin businesses that comply with local regulations.

RedotPay's Unicorn Status

In September, RedotPay announced its entry into the ranks of fintech unicorns following a $47 million strategic investment round. The funding round saw participation from Coinbase Ventures, along with continued backing from Galaxy Ventures and Vertex Ventures, and support from an undisclosed global tech entrepreneur.

Meanwhile, Ripple continues to expand its payment services. Last week, the company received approval from Singapore’s central bank to broaden its payment activities in the region. Previously, Ripple's RLUSD stablecoin secured approval for institutional use in Abu Dhabi.