Mambo! 👋 Ghana just told banks and Financial institutions to stop working with unauthorized crypto platforms. If you skipped the licensing process in Ghana, your banking access just ended.
The story
The Bank of Ghana directed banks, payment providers, and other regulated financial institutions to stop supporting unauthorized USD wallet services offered by some crypto platforms.
This shows regulators are paying closer attention to how stablecoin and digital dollar platforms connect with local financial systems.
We have talked before about how onramps are usually the more sensitive side in Africa. But as stablecoins become more embedded into existing financial platforms, regulators are starting to look at the entire flow.
Deals
Stablecoin powered platform OneDosh raised an additional $1 Million investment, bringing total pre-seed funding to $4 Million.
The platform has passed 200,000 users and expects to reach more than 400,000 in the next 60 days as stablecoin adoption continues to grow globally.
Launches
Tether backed LemFi partnered with stablecoin platform LevL to improve FX conversion, liquidity routing, and local currency payouts.
Another example of the thesis we keep tracking: stablecoins in Africa are not reinventing the wheel.
They are being added into platforms people already use. The apps stay the same, the rails underneath change.
Regulation
Zimbabwe banned crypto in 2018. This week it introduced its first dedicated crypto regulations.
Businesses buying, selling, transferring, or holding virtual assets must now register with the Financial Intelligence Unit. Annual fee: $500. Operating without registration risks criminal penalties.
Seven years from ban to regulation. Zimbabwe just joined the growing list of African countries that chose oversight over resistance.
Madini
Last month we shared that distribution still wins.
This week, Nala’s Co founder and CEO shared the same view:
“Distribution and real use cases win every single time.”
From inside
The future of crypto in Africa is not speculation.
Last year, Yellow Card shut down its consumer crypto exchange platform with over 1 million users to focus on B2B payments.
Busha, another crypto exchange, is also expanding beyond trading by launching products like savings and stablecoin cards.
The pattern is becoming clear.
The first crypto wave was about buying low and selling high. The next wave in Africa is about utility: moving money, saving value, and solving real financial problems.
On the record
Last week Flutterwave announced its fifth stablecoin partner, Tempo. This week Paga announced its second, Crossmint.
Both moves support what we have been tracking: stablecoins in Africa are not reinventing the wheel. They are being added to platforms people already use and trust.
Written from inside Africa with love 🇹🇿💚