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- RedotPay’s new feature powered by Ripple lets verified users turn crypto into naira within minutes.
- Ripple’s recent approvals in Singapore and Abu Dhabi strengthen its global push.
RedotPay has introduced a new feature, “Send Crypto, Receive NGN,” that allows verified users to send supported cryptocurrencies and receive Nigerian naira in their local bank accounts within minutes. This service is powered by Ripple Payments, which has partnered with RedotPay to support the initiative.
At launch, the platform supports major tokens including Bitcoin, Ethereum, XRP, USDC, USDT, Solana, Tron, and BNB. RedotPay plans to add Ripple stablecoin (RLUSD) soon, according to the announcement. The aim is to make cross-border payments faster and easier for individuals and businesses in Nigeria.
Michael Gao, CEO of RedotPay, stated,
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.
Ripple Targets Smoother Cross Border Payments
Ripple stated that the new feature operates on its licensed cross-border payment solution. The goal is to reduce time, cost, and friction commonly associated with international money transfers. Jack Cullinane, Head of Commercial for Asia Pacific at Ripple, noted,
Our partnership with RedotPay demonstrates the real-world utility of our licensed payments solution in solving the immense friction of global cross-border payments.
The partnership comes at a time when Ripple is gaining more ground globally. In Singapore, the company received a Major Payment Institution license from the Monetary Authority of Singapore. This has allowed Ripple to operate regulated payments within that market and join other approved blockchain firms under the MPI framework.
Ripple’s progress also extends to the Middle East. As we reported, the company obtained a license from Abu Dhabi’s Financial Services Regulatory Authority to issue its RLUSD stablecoin. Since launching the stablecoin in December 2024, Ripple has reported a growth from $50 million in market cap to over $1 billion within one year.
Cautious Openness in Nigeria’s Regulatory Climate
Nigeria continues to be a significant player in crypto usage, ranking sixth globally in Chainalysis’ 2025 Global Adoption Index. This high level of adoption comes despite regulatory challenges and government scrutiny of the crypto sector over the past year.
Tighter rules were introduced by Nigeria’s Securities and Exchange Commission (SEC) in December 2024, targeting crypto marketing and advertising. That followed a high-profile case involving Binance, which was accused of contributing to the naira’s crash. The Nigerian government filed an $81.5 billion lawsuit and claimed Binance owed $2 billion in taxes.
Still, not all crypto operations in Nigeria are being blocked. Information Minister Mohammed Idris stated in March that many companies are operating legally without any pending cases. In July, Emomotimi Agama, Director-General of Nigeria’s SEC, noted that the country is open to stablecoin businesses as long as they follow local rules.
