Mambo 👋, Access Bank South Africa, owned by Nigeria’s biggest lender, is exploring stablecoins for cross border payments. Meanwhile, in Tanzania, a select group of fintech founders, operators, investors and regulators will meet on 27 August to ask a similar question: where do stablecoins fit, and what comes next?
Mambo Stable #01. Register to join:
The story
Access Bank South Africa is exploring stablecoins for Africa Asia cross border payments.
The bank is partnering with Australian fintech Stables to explore stablecoin powered payment and settlement infrastructure for businesses moving money across borders.
For Stables, South Africa is its entry point into Africa, following its expansion of stablecoin settlement infrastructure across Asia.
When banks start exploring stablecoins, it can help ease some of the doubts around the technology. Stablecoins are becoming less about crypto speculation and more about financial infrastructure, especially for cross border payments.
Deals
Deals
Pouchers, a stablecoin powered multicurrency wallet for African freelancers, raised $500K to move out of beta.
Stablecoins are expanding beyond cross border outflows, like supplier payments, into inflows, helping African freelancers receive and hold money from global clients.
The stablecoin payment use case is moving both ways.
Launches
Remitano expanded ways to convert crypto to naira.
The more crypto grows, the more important the off ramp becomes. People need a simple way to turn digital assets into money they can actually use.
Regulation
Nigeria is choosing to monitor crypto, not ban it.
Its new Payments System Vision 2028 proposes allowing the The Central Bank Of Nigeria to operate observer nodes on blockchain infrastructure supporting approved stablecoins.
The goal: more visibility, reporting, supervision and taxation of crypto activity.
Madini
Africa’s stablecoin Map
From inside
Nigeria’s SEC admitted three fintechs into its crypto sandbox: YDPay, Blockchain Africa, and Yellow Card.
From what we are seeing across the market, regulators now seem more open to letting stablecoin businesses operate, but want to start small, keep an eye on them, and learn before going wider.
On the record
- Paycrest is pushing towards $6 Million in TPV
Written from inside Africa with love 🇹🇿💚
Was this useful? Let me know on X or LinkedIn