RedotPay Partners with Ripple to Launch Crypto-to-NGN Functionality 💰 Cutting Cross-Border Settlement Time to Local Nigerian Banks Down to 'Minutes'!

RedotPay, a stablecoin payment company, has announced a significant partnership with Ripple to introduce a new functionality named "Send Crypto, Receive NGN." This feature allows users to instantly exchange and transfer major crypto assets, including USDT, USDC, XRP, BTC, and ETH, into Nigerian Naira (NGN) and receive the funds directly into their local Nigerian bank accounts.

The integration leverages Ripple's technology to drastically reduce cross-border payment settlement times to mere minutes, a crucial improvement over traditional banking systems which often require several days for international transfers. This news, reported by The Fintech Times, emphasizes the practical utility of stablecoins and XRP in facilitating modern financial transactions.

The Strategic Importance of the Nigerian Market: Nigeria stands out as a critical market demonstrating clear, high-volume crypto utility. Key data points highlight the country's importance:

1. Cross-Border Remittances: Nigeria’s cross-border remittance volume was approximately $21 billion in 2024.

2. Stablecoin Volume: The country’s stablecoin transaction volume approaches $59 billion annually. This high volume indicates that crypto in the region is predominantly used for its practical settlement attribute rather than purely for financial speculation.

Africa and the Middle East continue to be strategic growth areas for Ripple. This collaboration with RedotPay—a company well-supported by significant strategic funding, including a $47 million round from Coinbase Ventures in May—underscores the commitment to deploying blockchain technology to solve real-world payment inefficiencies in emerging markets.

The "Send Crypto, Receive NGN" function is poised to significantly enhance the utility of XRP and major stablecoins by providing Nigerian users with access to swift and low-cost final settlement. By enabling rapid conversion into local fiat, this service directly supports the large population dependent on efficient cross-border money transfers, further legitimizing crypto assets as essential financial tools in high-growth, high-remittance regions. This successful application of technology serves as a powerful testament to crypto’s ability to disrupt traditional finance where it is most needed.