Stablecoins are increasingly popular in Africa for faster, cheaper remittances, with Vera Songwe noting traditional services cost $6 for every $100 sent. Stablecoins offer lower fees and faster settlement times, especially beneficial in countries with high inflation or capital controls. Songwe believes stablecoins provide financial inclusion for small businesses and individuals in Africa.

Sub-Saharan Africa is a rapidly growing region for crypto adoption, receiving over $205 billion in onchain value from July 2024 to June 2025. Ghana recently legalized crypto trading, while Nigeria implemented new rules linking transactions to tax identification numbers. South Africa’s national bank flagged crypto assets as a growing financial stability risk.

Overall, the adoption of stablecoins and cryptocurrencies in Africa is on the rise, providing new opportunities for financial inclusion and innovation across the continent.

Read more at Cointelegraph: Stablecoins Emerge as Financial Rails in Africa, Says Former UN Official