TLDR
- RedotPay has partnered with Ripple to launch a service that allows users to convert cryptocurrencies into Nigerian naira.
- The new feature enables verified users to send digital assets and receive NGN in local bank accounts within minutes.
- Supported cryptocurrencies include USDC, USDt, Bitcoin, Ether, Solana, Tron, XRP, and BNB with Ripple USD expected later.
- Ripple’s technology ensures fast, secure transactions for users converting digital assets into local currency.
- Nigeria remains a key player in the global crypto space, ranking sixth in the 2025 Global Adoption Index.
RedotPay has partnered with Ripple to introduce a new feature allowing users to convert digital assets into Nigerian naira (NGN) and deposit funds into local bank accounts within minutes. The service, based on Ripple Payments, initially supports several major cryptocurrencies, including USDC, USDT, Bitcoin, Ether, Solana, Tron, XRP, and BNB. Ripple’s involvement ensures that the transaction process is secure and swift, enabling users to access NGN directly from their digital assets.
Supported Cryptocurrencies for Instant NGN Conversion
RedotPay’s collaboration with Ripple supports a range of popular digital assets for conversion into Nigerian naira. At launch, users can send USDC, USDT, Bitcoin, Ether, Solana, Tron, XRP, and BNB and receive NGN in their local bank accounts. According to RedotPay CEO Michael Gao, “We are building stablecoin-powered payments that make digital assets as easy to use as local currency.” This feature is designed to simplify cryptocurrency transactions, making it easier for Nigerians to access local currency in real time.
Ripple’s technology underpins this initiative, ensuring fast and secure payments. The service allows verified RedotPay users to send and receive cryptocurrencies in exchange for NGN within minutes. Ripple’s involvement helps to streamline the process and provide users with a reliable and efficient method of converting digital assets into local currency. The addition of Ripple USD (RLUSD) is expected soon, further expanding the options available for users.
Regulatory Landscape and RedotPay’s Expansion in Nigeria
Nigeria’s regulatory environment for cryptocurrency has evolved, with the Nigerian Securities and Exchange Commission (SEC) tightening crypto laws in December 2024. Despite the stricter regulations, Nigeria remains a major player in the cryptocurrency space, ranking sixth globally in terms of adoption. In March 2025, Information Minister Mohammed Idris affirmed that many crypto businesses operate in the country without facing prosecution.
RedotPay’s integration with Ripple comes at a time when the Nigerian market is experiencing both regulatory changes and significant crypto activity. This partnership is expected to serve the growing demand for seamless digital asset transactions. Ripple’s expansion in Nigeria, alongside its recent approval from Singapore’s central bank, highlights the company’s ongoing commitment to supporting global payment systems.
RedotPay’s Investment Round and Ripple’s Expanding Services
RedotPay’s partnership with Ripple is further backed by its recent $47 million funding round. The round saw support from Coinbase Ventures, Galaxy Ventures, and Vertex Ventures. RedotPay’s growing influence in the fintech space reflects its ability to attract investment while continuing to build products that bridge the gap between digital currencies and traditional financial systems.
Ripple continues to expand its payment services across various regions, including securing institutional use approval for its RLUSD stablecoin in Abu Dhabi. The approval demonstrates Ripple’s commitment to building a robust global payments network, which benefits users across different jurisdictions.
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