RedotPay Partners with Ripple for Quick Nigerian Naira Crypto Cashouts

RedotPay has collaborated with Ripple to introduce a feature called “Send Crypto, Receive NGN.” This offering enables users to convert their digital assets into Nigerian naira and transfer funds to local bank accounts in a matter of minutes. This innovative solution aims to simplify cryptocurrency transactions for Nigerian users.

Key Takeaways

RedotPay and Ripple have launched a service to convert digital assets to Nigerian naira (NGN).
The service allows users to send various cryptocurrencies and receive naira in local bank accounts quickly.
Nigeria has an active crypto market but faces regulatory challenges.
RedotPay recently achieved unicorn status with a significant investment.
Ripple continues to expand its payment services worldwide.

RedotPay taps Ripple to roll out Nigerian naira crypto cashouts

Introducing “Send Crypto, Receive NGN”

RedotPay has formed a partnership with Ripple to launch a new service called “Send Crypto, Receive NGN.” This feature allows users to easily convert their digital assets into Nigerian naira (NGN) and receive the funds in their local bank accounts in just a few minutes.

Powered by Ripple Payments, the service supports a range of popular tokens right from the start, including USDC, USDt, Bitcoin, Ether, Solana, Tron, XRP, and BNB, with Ripple USD set to be added in the future, as announced earlier this week.

“RedotPay is focused on creating stablecoin-powered payment solutions that make digital assets as accessible as local currency. This way, users can send XRP or stablecoins securely and receive NGN almost instantly,” stated Michael Gao, CEO of RedotPay. Verified users with local bank accounts can exchange the supported cryptocurrencies and receive NGN directly into their accounts without delay.

Related: Nigerian fintech plans African stablecoin payment system with Polygon: Report

Nigeria’s Evolving Crypto Landscape

Nigeria is one of the top countries in the world for crypto activity and search interest, ranking sixth in the Chainalysis 2025 Global Adoption Index.

Top 20 countries in overall crypto adoption. Source: Chainalysis

Despite this activity, Nigerian regulators have taken a firmer stance on cryptocurrency. In December 2024, the Nigerian Securities and Exchange Commission (SEC) revamped its regulatory approach, enforcing stricter laws regarding crypto marketing and advertising. Earlier this year, the government filed an $81.5 billion lawsuit against Binance, alleging that the exchange had adversely affected the value of the local naira and claimed Binance owed $2 billion in back taxes.

Despite these controversies, Nigerian Information Minister Mohammed Idris commented in March that numerous crypto businesses are operational in the country without facing legal challenges. Additionally, in July, SEC Director-General Emomotimi Agama mentioned that Nigeria is receptive to stablecoin businesses that adhere to local regulations.

Related: Countries across Africa approve new crypto laws as adoption grows

RedotPay Achieves Unicorn Status

In September, RedotPay announced it had joined the ranks of fintech unicorns after successfully obtaining a $47 million strategic investment round. This funding round included participation from Coinbase Ventures, ongoing support from Galaxy Ventures and Vertex Ventures, and additional backing from a global tech entrepreneur whose identity has not been publicly revealed.

Meanwhile, Ripple continues to expand its payment services globally. Recently, the company gained approval from Singapore’s central bank to widen its payment activities in the region. Additionally, its RLUSD stablecoin received approval for institutional use in Abu Dhabi.

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