For decades, moving money across Africa has been far more complicated than moving money across continents.
A business owner in Lagos can often send funds to London more easily than to a supplier in Accra. Despite rapid growth in digital finance, Africa remains fragmented by dozens of currencies, varying banking regulations, and payment systems that rarely communicate seamlessly with one another.
This challenge has fuelled a wave of financial innovation across the continent, from mobile money platforms like M-Pesa to fintech giants such as Flutterwave, Chipper Cash, and Paga. Now, according to Franklin Peters, CEO of Boundless Pay and Board Lead of the Virtual Asset Service Providers Association of Africa (VASPA), stablecoins could become the next breakthrough in solving Africa’s cross-border payments problem.
In a recent interview with CoinAfrica, Franklin Peters shared why he believes stablecoins are already transforming how value moves across the continent, drawing on more than a decade of experience building payment infrastructure in Africa.
For Peters, this belief is rooted in personal experience.
In 2010, he earned money online but was unable to access it because the payment provider did not support withdrawals in Nigeria. Four years later, he encountered another barrier when he attempted to purchase Bitcoin through Coinbase, only to discover that the service was unavailable in his region.
Rather than accept those limitations, Peters launched his own exchange, joining a growing generation of African entrepreneurs determined to build financial infrastructure tailored to local realities.
More than a decade later, he believes stablecoins are succeeding because they address a problem Africa has struggled with for years.
“Stablecoins are not the future for Africa. Stablecoins are the present,” Peters told CoinAfrica.
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Why Stablecoins Are Gaining Ground in Africa
Peters argues that Africa’s embrace of digital assets has often been misunderstood.
While global narratives frequently focus on crypto trading and speculation, many Africans adopted digital currencies because they offered an alternative to expensive remittance channels, currency instability, and limited access to international payment networks.
Africa is home to 54 countries and more than 40 currencies. Cross-border payments often remain costly, slow, and dependent on correspondent banking relationships outside the continent.
Stablecoins offer a different approach.
By providing a dollar-denominated digital asset that can move across blockchain networks within minutes, stablecoins create a shared settlement layer that operates independently of national payment systems.
In Peters’ view, this is why stablecoins have found traction across African markets.
Not Everyone Agrees
The argument, however, is not without critics.
Mobile money platforms such as M-Pesa have already demonstrated that significant payment innovation can occur without blockchain infrastructure. Across East Africa, mobile money has successfully connected millions of users and facilitated regional transfers for years.
Regulators have also raised concerns about consumer protection, anti-money laundering compliance, and financial stability.
The International Monetary Fund’s 2026 Article IV Consultation on Nigeria highlighted the growing role of digital assets while emphasising the importance of regulatory oversight as adoption increases.
Dollar-backed stablecoins have generated additional debate. Critics argue that widespread use could deepen dependence on foreign currencies in economies already facing exchange-rate pressures.
Peters acknowledges these concerns.
“Regulatory clarity, governance standards, and infrastructure readiness will determine adoption,” he said.
The Industry Is Already Moving
Recent developments suggest that major fintech players are beginning to view stablecoins as part of Africa’s financial infrastructure rather than simply a crypto product.
One example is Paga Group’s partnership with Crossmint, announced in 2026.
The collaboration aims to connect Paga’s local fiat on- and off-ramp network with Crossmint’s enterprise stablecoin infrastructure, enabling businesses and consumers to move value across multiple blockchain networks while maintaining access to local currencies.
According to Paga, the company processed more than $11 billion across 169 million transactions in 2025, highlighting the scale at which established African payment providers are now exploring blockchain-based settlement systems.
Crossmint currently supports more than 50 blockchain networks, including Ethereum, Solana, Stellar, Polygon, and Sui.
For Franklin Peters, partnerships like these validate a trend in stablecoins that has been building for years.
