Nigeria has emerged as the largest stablecoin market in Africa, with nearly $22 billion in transactions recorded between July 2023 and June 2024.

This was stated in the latest report released by Yellow Card titled, ‘Stablecoin Adoption in Emerging Markets – The Report for Global Business Leaders’.

The report which is Yellow Card’s third and final report for 2025 underscores the exponential growth of stablecoins globally, from a market cap of $5 billion in 2020 to $230 billion as of May 2025.

In Sub-Saharan Africa, stablecoins now account for 43 per cent of all crypto transaction volume.

Nigeria stands out as the continent’s largest stablecoin market, with nearly $22 billion in transactions between July 2023 and June 2024, followed by South Africa and other rapidly growing markets such as Kenya and Ghana.

According to the company, while stablecoins are globally recognized for international payments and settlements, their adoption in emerging markets has revealed a deeper story.

From cross-border trade to treasury management and inflation hedging, stablecoins are driving innovation and financial inclusion in regions where traditional systems often fail.

Lasbery Oludimu, vice president of global operations and managing director of Yellow Card Nigeria, emphasized the importance of the report, saying that “this report highlights the significant role of stablecoins in emerging markets. It demonstrates how stablecoins are crucial for financial inclusion and economic empowerment, especially where traditional banking is unreliable. From facilitating cross-border trade to aiding treasury management, stablecoins are now a fundamental tool for financial stability and efficiency.”

The report noted that “this surge in adoption comes against a backdrop of major global trade disruptions. In August 2025, the United States introduced sweeping tariffs of 10 per cent to 30 per cent on exports from 47 African nations.

“While the policy rattled traditional markets, in Africa, it is accelerating the shift toward dollar-backed digital assets like USDC and USDT as businesses and individuals sought to bypass dollar scarcity, protect purchasing power, and assert monetary sovereignty. The passing of the GENIUS Act in the United States earlier this year – further legitimising stablecoins globally and setting clear regulatory frameworks – the U.S. has indirectly spurred confidence in African markets to expand adoption.”

The report also examined how African fintechs are driving stablecoin-powered solutions that are faster, cheaper, and more inclusive than legacy banking systems.

From Lagos to Nairobi, startups are embedding stablecoins into mobile money platforms, cross-border trade, payroll, and treasury management, creating a scalable model for other emerging economies.

Somtochukwu Nsofor, Nigeria country  manager, said that “stablecoins in Nigeria show promise in oil and gas, manufacturing, and banking by enabling fast, low-cost cross-border payments and mitigating FX risks. But issues like dollarisation concerns, rural digital literacy, and infrastructure gaps still hinder broader growth.”

With its bold entrance into emerging markets and operating in over 20 African countries, Yellow Card continues to be the continent’s leading stablecoin payments infrastructure provider.

Fidelity Bank Plc, tier-one lender, has announced the resumption of international transactions on its Naira Debit Cards.

This recommencement gives customers the freedom to make seamless payments abroad, online, and at ATMs outside the country.

Ifeoma Onibuje, divisional head, eBanking, Fidelity Bank Plc, while shedding light on the development, said: “We are delighted to inform the public that Fidelity Naira Cards are now enabled for global use. This means that our travelling customers can now utilise their Naira Debit cards outside the country to shop, spend and withdraw internationally without hassles.”

“Consequently, our customers can now spend up to $1,000 quarterly for international POS and online transactions; and withdraw up to $500 quarterly on international ATMs.”

The announcement offers Fidelity Bank customers another way to complete international transactions, in addition to the Bank’s existing foreign currency debit and credit cards.

This further reinforces Fidelity Bank’s commitment to delivering solutions that fit seamlessly into customers’ lifestyles. With Fidelity Bank’s VISA and Mastercard Naira Debit Cards, Nigerians can now enjoy effortless global access.

Beyond payments, Fidelity VISA cardholders, one of the variants of the bank’s card offerings, also enjoy premium travel and lifestyle benefits ranging from air­port lounge and spa access via the Visa Airport Companion App, to fast-track immigration lanes and 20% discounts on SIXT car rentals worldwide.

This move reflects the bank’s commitment to provide secure, convenient, and reliable banking services that empower customers in Nigeria and beyond. The bank has deliberately made the process of getting a Fideity Naira card seamless.

Customers can easily apply for their Fidelity VISA or Mastercard Naira Debit card via the Fidelity Mobile App or simply visit the nearest Fidelity bank branch to request for one and they can start transacting globally with ease.

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Mon­ey Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom sub­sidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

United Bank for Africa (UBA) Plc, Africa’s Global Bank, has officially launched the fifth edition of its Supersavers Promo aimed at reinforcing the bank’s commitment towards deepening financial inclusion across Nigeria and empowering citizens to achieve their financial goals through disciplined savings.

UBA Officials at the launch of the Super Savers’ Promo

The nine-month campaign, themed “Season of Progress’, was launched during a press conference which was held at the UBA House, Marina, Lagos,  and is expected to run from September 1, 2025, to May 31, 2026.

The promo is designed to reward both new and existing customers while encouraging a culture of savings that will enable families and individuals to plan for their children’s education, home ownership, business establishment, and other goals.

Speaking during the launch, Chukwuma Nweke, group deputy managing director, UBA, emphasised the importance of savings in nation-building, as he pointed out that the bank is a partner in development and is committed to ensuring that all citizens across the length and breadth of the country are financially covered.

Nweke said, ‘This campaign is aimed at deepening the savings’ culture among Nigerians. Savings empower families and individuals to take control of their future, whether by securing quality education for their children, acquiring homes, setting up sustainable businesses, or meeting pressing needs at different stages of life.

Continuing, he said, ‘To support these aspirations, UBA has developed a range of savings products designed to help people achieve both personal and collective goals while promoting financial inclusion. Through these products, more Nigerians are being integrated into the formal banking system, bridging economic gaps, breaking cycles of poverty, and building stronger communities”

The Season of Progress promo encourages customers to open Bumper Accounts, which require only a minimum deposit of N5,000 to qualify for the monthly draws, with customers able to increase their chances by depositing in multiples.

Other qualifying products include Individual Savings accounts, which require N10,000 monthly deposits for three consecutive months, and Kiddies Accounts, Teens Accounts, and NextGen Accounts for young adults.

Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who highlighted the bank’s five-year journey in incentivizing savings culture in Nigeria, noted that this promo is further testament to the bank’s commitment to reward its loyal customers

“Last year, in commemoration of our 75th anniversary, we launched a special promo where we rewarded thousands of customers with approximately N150 million in prizes. This year’s Season of Progress promotion is even more ambitious in scope and reach which reflects our unwavering commitment to rewarding our loyal customers who have stood by us through the years, but also our strategic focus on attracting new savers to join the ever-growing UBA family.” Shamsideen said

He noted that a unique feature of this season’s promotion is the inclusion of dormant account holders, who simply need to fund their inactive accounts with N10,000 to qualify for special monthly N35,000 reactivation draws.

The comprehensive reward structure features quarterly star prizes of N1 million for 27 winners, with other quarterly prizes ranging from N500,000 to N10,000, monthly airtime rewards, targeted cluster draws, and special categories for NextGen, Kiddies, and Teens’ account holders, which ensure savers across all demographics stand a chance to benefit from the promo.

Alero Ladipo, group head, Marketing and Corporate Communications, reinforced that the promo extends beyond prize distribution, explaining that the core reasons UBA has been doing this for the last five years is financial inclusion.

“We still have significant ground to cover in empowering Nigerian citizens toward financial independence, and we see this promotion as one of the ways to empower Nigerians, improve their financial independence, and introduce them to the innovative, safe, and secure banking solutions that we at United Bank for Africa provide at the highest standard,” she explained.

The bank has introduced improved accessibility through a new digital onboarding platform, allowing customers to open accounts online in real-time without having to visit branches or meeting staff members, further democratizing access to banking services.

To ensure transparency and credibility, all draws will be conducted live with oversight from regulatory bodies, with the bank planning extensive nationwide activations in markets, campuses, and rural communities across all states of the federation.

For more information about the Supersavers Season 5 promo and to open qualifying accounts, customers can visit any UBA branch nationwide, use the new digital onboarding platform, or contact UBA customer service lines.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally.

Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.