Stablecoins are attracting growing attention across Africa, but making them a regular part of everyday financial transactions will require more than the efforts of a single fintech company. That was the position shared by Paga Group CEO Tayo Oviosu during a discussion at Moonshot by TechCabal in Lagos.
The conversation brought together industry representatives from Paga, Flutterwave, Juicyway and Breet to examine how stablecoins could shape the future of payments across the continent. Stablecoins are digital currencies designed to maintain a relatively stable value, usually by being linked to traditional currencies such as the US dollar. Their ability to facilitate faster cross-border transactions has made them increasingly attractive to businesses and individuals dealing with international payments.
However, wider adoption still faces challenges. Although stablecoins can make international money transfers faster and potentially cheaper, their usefulness depends on whether people can easily access and spend them. Many consumers still rely on traditional banking channels when converting digital assets into local currencies or using their funds for everyday purchases.
Regulatory uncertainty is another concern, particularly around how digital currency transactions are monitored and governed. Oviosu’s position highlights the need for cooperation among payment providers, financial institutions, regulators and businesses. Different companies will need to address various parts of the ecosystem, from payment infrastructure and liquidity to compliance and consumer access.
For African businesses, a more connected stablecoin ecosystem could create additional opportunities for international payments and cross-border trade. However, building trust and ensuring regulatory clarity will be essential. As stablecoins continue to attract attention, the next stage of development will depend on whether the industry can make them practical, accessible and reliable for everyday users.