Nigerian banks, asset managers and fintech companies are exploring stablecoin services as digital assets gain wider acceptance in the country’s financial sector, according to Quidax CEO Buchi Okoro.
Okoro said more traditional financial institutions are considering how to introduce stablecoins and other digital assets to their customers. He added that Quidax wants to provide the infrastructure and regulatory support they need to enter the market.
He shared these plans at The Exchange, an invitation-only event on stablecoins and digital assets hosted by Quidax in partnership with Tether, the issuer of USDT, in Lagos.
The growing interest could extend stablecoin adoption beyond individual cryptocurrency traders. It could also create new opportunities in cross-border payments, international transfers and business transactions.
Nigerian Banks Explore Stablecoin Services
Okoro said Quidax expects institutional interest in digital assets to increase over the next five years.
He explained that banks, asset managers, fintech companies and businesses across different sectors are considering how to integrate stablecoins into their existing services.
He said:
“Over the next five years, our focus is on supporting the ecosystem around us. More and more institutions – banks, asset managers, fintechs and businesses across every sector – are considering how to bring stablecoins and digital assets to their own customers.
“We want to be the trusted partner that helps them on that journey: educating the market, holding ourselves to the highest professional and compliance standards, and building the infrastructure that lets them serve their customers today and well into the future.”
Quidax therefore wants to move beyond serving individual cryptocurrency users. Its strategy involves helping established financial institutions access the digital asset market through technology, education and compliance support.
However, the announcement points to growing interest rather than confirmed product launches by Nigerian banks.
Why Stablecoins Are Attracting Financial Institutions
Stablecoins are digital assets designed to maintain a relatively stable value by tracking an underlying asset, commonly the US dollar.
Unlike Bitcoin and Ethereum, whose prices can change significantly, dollar-backed stablecoins such as Tether’s USDT and Circle’s USDC aim to maintain a one-to-one value with the dollar.
Their appeal extends beyond cryptocurrency trading. Individuals and businesses can use stablecoins to transfer funds across borders, settle international payments and hold dollar-linked digital assets.
In Nigeria, these services could appeal to businesses that regularly pay overseas suppliers or receive money from international customers.
Stablecoins could also provide another option for remittances and other cross-border transactions. This growing demand creates an opportunity for financial institutions to offer digital asset services through familiar, regulated channels.
Nigeria’s Growing Digital Asset Market
Nigeria’s existing cryptocurrency activity provides a strong foundation for this institutional interest.
Speaking at the same event, John Briggs, Head of the Securities and Exchange Commission’s Lagos Zonal Office, said Nigeria received more than $92.1 billion in on-chain value between July 2024 and June 2025.
Briggs, who represented SEC Director-General Emomotimi Agama, cited Chainalysis data showing that Sub-Saharan Africa received more than $205 billion in on-chain value during the period. This represented an increase of approximately 32% from the previous year.
He also cited the 2026 Global Crypto Adoption Index, which ranked Nigeria third globally in overall cryptocurrency adoption. The country also ranked first in peer-to-peer activity and cross-border flows.
These figures highlight the growing role of digital assets in Nigeria’s financial ecosystem.
They also show why banks and other financial institutions may want to serve customers who already use stablecoins and cryptocurrency platforms for international transactions.
Regulation and Trust Remain Key Challenges
Despite the opportunities, institutional adoption will depend on clear regulatory arrangements and strong consumer protection.
Banks and asset managers must consider how they will handle customer verification, transaction monitoring, digital asset custody and the risks associated with stablecoin transactions.
Regulatory compliance will also determine how institutions structure and deliver these services.
Quidax has positioned its provisional licence from the SEC as part of its effort to build confidence in the Nigerian digital asset market. However, a provisional licence should not be confused with full registration.
Okoro said trust, transparency and accountability would be central to the company’s plans.
“Trust is the new currency. In the physical world, people can walk into a branch, shake a hand and look someone in the eye. In the digital world, they cannot, so trust has to be earned in other ways: through regulation, transparency, and doing the right thing every single day,” he said.
For Nigerian financial institutions, these safeguards will be essential as they consider introducing digital asset products to customers.
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What This Means for Nigeria’s Financial Sector
The growing interest in stablecoins could bring traditional financial institutions closer to Nigeria’s existing cryptocurrency market.
Banks, asset managers and fintech companies could explore services that support international payments, digital asset custody and cross-border transfers.
For Quidax, the opportunity lies in becoming an infrastructure partner for institutions that want to enter the market without building every part of their digital asset operations from scratch.
However, the pace of adoption will depend on regulatory clarity, operational readiness and customer confidence.
While no specific bank launch was announced, the discussions signal that stablecoins are becoming a more important consideration for Nigeria’s traditional financial sector.
