RedotPay, in partnership with Ripple, has launched the “Send Crypto, Receive NGN” feature, enabling users to convert cryptocurrencies like USDC, USDT, BTC, and others into Nigerian naira and receive funds directly in local bank accounts within minutes. This service leverages Ripple Payments for seamless, stablecoin-powered transactions in Nigeria.
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Quick crypto-to-naira conversions: Users can send major tokens such as Bitcoin, Ether, and XRP, receiving NGN in bank accounts almost instantly.
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The feature supports a wide range of assets at launch, including USDC, USDT, SOL, TRX, and BNB, with Ripple USD (RLUSD) planned for future addition.
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Nigeria ranks sixth globally in crypto adoption per Chainalysis’ 2025 Global Adoption Index, highlighting the demand for such efficient payment solutions amid regulatory shifts.
Discover how RedotPay and Ripple’s new “Send Crypto, Receive NGN” feature simplifies crypto conversions to Nigerian naira for fast bank deposits. Explore benefits, supported tokens, and Nigeria’s crypto landscape—start using it today!
What is RedotPay’s “Send Crypto, Receive NGN” Feature with Ripple?
RedotPay’s “Send Crypto, Receive NGN” is a groundbreaking payment solution developed in collaboration with Ripple, allowing verified users to convert supported cryptocurrencies into Nigerian naira and deposit the funds directly into their local bank accounts in just minutes. Launched on Ripple Payments, this feature aims to make digital assets as accessible as traditional currency by bridging the gap between crypto holdings and everyday fiat usage in Nigeria. It supports major tokens like USDC, USDT, Bitcoin (BTC), Ether (ETH), Solana (SOL), Tron (TRX), XRP, and BNB, with Ripple USD (RLUSD) slated for integration soon, as announced by Ripple.
How Does This Partnership Benefit Nigerian Crypto Users?
The partnership between RedotPay and Ripple streamlines cross-border and local transactions for Nigerians, who face unique challenges in accessing fiat from digital assets due to volatile exchange rates and banking restrictions. By utilizing Ripple’s efficient blockchain infrastructure, users benefit from low-cost, near-instant settlements—often completing in under 10 minutes—reducing the friction typically associated with crypto conversions. According to RedotPay’s CEO Michael Gao, “RedotPay is building stablecoin-powered payments that make digital assets as easy to use as local currency, where users can send XRP or stablecoins securely and receive NGN within minutes.” This aligns with Nigeria’s high crypto adoption rate, as evidenced by Chainalysis’ 2025 Global Adoption Index, where the country ranks sixth worldwide for overall cryptocurrency usage and search interest. Expert analysts note that such innovations could further boost financial inclusion, with stablecoins playing a pivotal role in hedging against naira inflation, which hovered around 34% in recent reports from the Central Bank of Nigeria.
Nigeria’s crypto landscape has evolved amid regulatory scrutiny. The Securities and Exchange Commission (SEC) updated its framework in December 2024, imposing stricter rules on marketing and advertising to protect investors while fostering compliant innovation. Earlier in the year, authorities pursued legal action against major exchanges like Binance, alleging impacts on the naira’s stability and seeking substantial back taxes. Despite these hurdles, Information Minister Mohammed Idris affirmed in March that numerous crypto operations continue legally within the country without facing prosecution. In July, SEC Director-General Emomotimi Agama expressed openness to stablecoin enterprises adhering to local guidelines, signaling a maturing regulatory environment that supports tools like this RedotPay feature.
Top 20 countries in overall crypto adoption. Source: Chainalysis
RedotPay itself has seen rapid growth, achieving unicorn status in September after raising $47 million in a strategic funding round. Investors included Coinbase Ventures, alongside Galaxy Ventures and Vertex Ventures, and an unnamed global tech entrepreneur. This capital infusion underscores confidence in RedotPay’s vision for accessible fintech solutions. Meanwhile, Ripple continues its global expansion; just last week, it gained approval from Singapore’s central bank to broaden its payment operations in the region. The company’s RLUSD stablecoin also secured institutional approval in Abu Dhabi, positioning Ripple as a leader in compliant digital payments.
For Nigerian users, eligibility requires a verified RedotPay account linked to a local bank. The process involves selecting a supported cryptocurrency, specifying the amount, and confirming the transaction, after which NGN equivalents are credited promptly. This service not only enhances liquidity for holders of volatile assets like BTC or ETH but also promotes stablecoin adoption, with USDC and USDT leading in transaction volume globally, per data from blockchain analytics firms like Glassnode. As Nigeria’s economy grapples with currency devaluation, features like this provide a practical avenue for preserving value and facilitating remittances, a sector where crypto already accounts for over 20% of inflows according to World Bank estimates.
Frequently Asked Questions
What Cryptocurrencies Are Supported by RedotPay’s Send Crypto, Receive NGN Feature?
The initial launch supports major tokens including USDC, USDT, Bitcoin (BTC), Ether (ETH), Solana (SOL), Tron (TRX), XRP, and BNB, allowing seamless conversion to Nigerian naira. Ripple USD (RLUSD) is expected to join soon, expanding options for stable and volatile asset holders seeking quick fiat access.
Is It Safe to Use RedotPay and Ripple for Crypto-to-Naira Conversions in Nigeria?
Yes, the service operates on Ripple’s secure Payments network, ensuring encrypted transactions and compliance with international standards. Verified users with linked local banks benefit from rapid, protected transfers, aligning with Nigeria’s SEC guidelines for regulated stablecoin activities while minimizing risks associated with unregulated exchanges.
Key Takeaways
- Nigeria’s Crypto Boom: Ranking sixth in Chainalysis’ 2025 Global Adoption Index, the country leads Africa in digital asset usage, driving demand for efficient tools like RedotPay’s new feature.
- Regulatory Balance: Recent SEC updates and ministerial statements indicate a supportive stance for compliant innovations, despite past enforcement actions against non-compliant platforms.
- Future Growth Potential: With RedotPay’s unicorn funding and Ripple’s expansions, users can anticipate broader token support and enhanced services to integrate crypto into daily Nigerian finances.
Conclusion
The launch of RedotPay’s “Send Crypto, Receive NGN” feature, powered by Ripple Payments, marks a significant advancement for crypto-to-naira conversions in Nigeria, offering users swift and secure access to local fiat from diverse digital assets. As the nation navigates its evolving regulatory framework and high adoption rates, this partnership exemplifies how stablecoin-powered solutions can enhance financial accessibility. Looking ahead, expect further integrations like RLUSD to solidify Nigeria’s position in global crypto innovation—empowering users to leverage their holdings more effectively today.
