What to know:
- Nigeria accounted for 60% of SFx Money App’s payment volume across Africa.
- Stablecoins powered remittances, bills, and business payments reflect everyday financial adoption.
- Polygon and USDC dominated transactions despite a temporary AWS service disruption.
Nigeria has emerged as the largest market behind SFx Money App’s growing stablecoin payment network, accounting for about 60% of the platform’s total transaction volume across Africa.
The blockchain-powered payment start-up processed nearly $11 million in payment volume between March 2025 and June 2026, reflecting increasing demand for stablecoin-powered financial services in the country.
According to a report shared with Crypto Africa News, SFx Money App settled approximately $6.5 million directly on blockchain rails through 76,749 transactions during the period. The platform also expanded its user base from 770 to more than 8,600 within roughly one year. Additionally, quarterly payment volume increased by 96.3% between the fourth quarter of 2025 and the first quarter of 2026, rising from about $2.4 million to $4.7 million.
The report suggests that much of the platform’s growth came from practical financial activity instead of cryptocurrency speculation. Nearly two-thirds of blockchain transactions involved outbound payments, indicating that users actively transferred, spent, and settled funds through the platform.
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Nigeria Drives Everyday Stablecoin Payments
Nigeria remained the company’s dominant payment corridor, while Kenya and Malawi also contributed to transaction activity. However, Nigeria generated the majority of the platform’s payment volume, reflecting wider adoption of stablecoins for everyday financial needs.
Users relied on the platform for remittances, tuition payments, utility bills, business settlements, and card spending. Average remittance transactions reached about $47, while card payments averaged approximately $55. Transfer transactions averaged nearly $70, highlighting routine financial use rather than investment activity.
Several factors continue to support stablecoin adoption in Nigeria. Foreign exchange volatility has encouraged demand for dollar-denominated assets. Cross-border businesses also seek faster and cheaper payment methods, while remittance costs remain relatively high through traditional financial channels.
The report also highlighted users’ preferred blockchain infrastructure. Polygon processed more than 70,800 transactions, making it the platform’s most active network. Meanwhile, USDC accounted for nearly $4.78 million in settlement volume across more than 59,000 transactions, demonstrating strong demand for stable digital dollars.
In June, SFx introduced Nigerian naira accounts to simplify transfers between local banks and blockchain payment rails. Consequently, users gained easier access to stablecoin-based payment services without complex conversion processes.
The company experienced a seven-week service disruption following an AWS outage in April that temporarily reduced transaction activity. However, operations resumed in May 2026 after infrastructure upgrades, and payment volumes recovered within weeks, indicating continued customer demand.
Stablecoins Continue to Expand Across African Payments
SFx’s latest report adds to growing evidence that stablecoins are becoming part of Africa’s payment infrastructure. Nigeria’s leading contribution to the platform’s transaction volume reflects the country’s expanding role in digital payments. As adoption spreads across remittances, business settlements, and daily spending, stablecoins continue to strengthen their position within Africa’s evolving financial ecosystem.
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