Nigeria’s cross-border payment problem is not new. Businesses face high fees, slow settlement times, and a maze of intermediaries that add cost at every step. However, Konga Group CEO Prince Nnamdi Ekeh believes stablecoins can change that.
On 4 June 2026, Ekeh took the stage at the E-Commerce and Payments Forum organised by the Africa Retail Academy of Lagos Business School. There, he announced that Konga had invested $2.7 million in Stable, a stablecoin payments startup. He framed the investment as a direct response to the payment barriers slowing Nigerian businesses down.
“Nigeria’s competitive advantage is supposed to be manufacturing. There is human capital, but we still need to make international payments possible.” Ekeh said.
The forum ran under the theme “Minimising Friction, Maximising Commercial Impact.” It brought together regulators, fintech leaders, and business executives to tackle Africa’s digital commerce challenges. Ekeh’s announcement was the defining moment of the day.
How Konga Is Backing Stablecoin Infrastructure in Africa
Ekeh has spoken openly about Africa’s payment problem for some time. His argument is straightforward. African businesses in manufacturing and e-commerce cannot compete globally when cross-border money transfers remain slow and expensive.
Because of this, he describes stablecoins as a practical working infrastructure — not a speculative asset.
“People often become nervous when they hear the word crypto,” he said. “The focus should be on how we leverage the positive side of technology to create productivity, improve efficiency and solve real business problems.”
So rather than waiting for legacy financial systems to evolve, Konga decided to build around them. The investment in Stable is the clearest expression of that decision.
What Makes This Investment Significant
Konga is not a crypto company. Instead, it is one of Nigeria’s most recognised e-commerce platforms, with deep roots in retail, logistics, and trade. Therefore, a $2.7 million commitment to a stablecoin startup sends a clear signal to the market.
Moreover, this move reflects Konga’s growing ambition in digital financial infrastructure. Ekeh noted that the company had already invested in its own payment systems to address liquidity challenges. The Stable investment builds directly on that foundation.
AfCFTA, Africa’s continental free trade framework, also adds important context here. As trade corridors open up across the continent, demand for faster and cheaper cross-border payment systems will only grow. Furthermore, stablecoin-based settlement is increasingly seen as one credible answer to that demand.
However, Ekeh was careful to acknowledge that technology alone is not enough. “Regulatory clarity, governance standards, and infrastructure readiness will determine adoption,” he said. He also expressed confidence in the direction of the Central Bank of Nigeria and the Securities and Exchange Commission.
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Editorial Takeaway
Konga’s $2.7 million investment in Stable is more than a funding story. It is a statement about where Nigeria’s digital economy is heading. When a mainstream e-commerce company puts real capital into stablecoin payment infrastructure, it moves the conversation from theory to commitment. So the question is no longer whether stablecoins will play a role in African trade. It is how quickly regulation, trust, and adoption can catch up with the companies already building for that future.
