**Former UN Official: Stablecoin More Useful for Sending Aid to Africa**

Former UN Deputy Secretary-General Vera Songwe stated that stablecoins for cross-border money transfers are more useful and important than aid in Africa.

“650 million people in Africa do not have access to bank accounts. With smartphones, you can access stablecoins, allowing people to save in currencies that are not vulnerable to inflation fluctuations and make you poor,” said Songwe at the World Economic Forum (WEF) 2026 in Davos, Thursday (22/01).

For example, Songwe mentioned that traditional money transfer services in Africa often charge around US$6 for every US$100 sent. Meanwhile, stablecoins reduce fees and settlement times.

In addition, Songwe noted that inflation has reached 20% in 12 to 15 countries across Africa since the COVID-19 pandemic, and stablecoins provide a way to store value in currencies that are less susceptible to inflation and serve as a financial safety net.

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