The CEO of Wapi Pay, one of the leading fintechs in Kenya, has confirmed that its Singapore entity is leveraging stablecoins for transactions.
While speaking on the sidelines of the Africa Tech Summit 2026 at an event organized by Chainalysis, the leading blockchain analytics company, Eddie Ndichu spoke on how the company is evolving into leveraging stablecoins.
In a snippet, Eddie said:
“All our transactions sit in our core platform and what is interesting and unique is we’re able, as the Singapore entity, to use stablecoins or virtual assets, and the ability to trace and track a transaction is far better than the way you track a transaction on the SWIFT network.
Being able to track a transaction is very powerful on a blockchain. Its far more powerful than chasing a transaction between core banking systems.
Remember, fintech is an API between two ledgers. We’re evolving away from an API between two ledgers into a blockchain where you can access all transactions and permissions are done by all participants into that one ledger.
And that’s differentiation here.”
According to a February 2025 report, Wapi Pay had over one million registered suppliers and beneficiaries in Asia with over one million registered merchants, traders and businesses in Africa. The company reported impressive growth in 2024 by processing ~KES 50 billion (~$400 million) in diaspora remittances.
MILESTONE | Kenyan Fintech, WapiPay, Processed ~KES 50 Billion (~$400 Million) in Diaspora Remittances in 2024 Alone
African Fintechs Move Toward Stablecoins
The shift toward the use of stablecoins is hardly surprising as an increasing number of fintechs, particularly across Africa, openly talk about how they’re building stablecoin infrastructure in-house.
Olugbenga ‘GB’ Agboola, the of Flutterwave, one of the leading fintechs in Africa, has spoken about the company’s latest move to build stablecoin rails on top of its existing and compliant fiat rails.
Speaking at the 2026 World Economic Forum in Davos, GB said stablecoins speed up settlement times and in turn enables more turnaround and trade opportunity across the entire sales cycle.
Being the most licensed non-bank fiat company in Africa and operational over the last 10 years, GB explained that the introduction of stablecoins does not change the company’s operations.
“When it comes to stablecoins, nothing is changing in our customer experience. You want to send money from Nigeria to South Africa or the United States, nothing is changing.
What is changing is under the hood. We’re making it quicker and faster to move that money from the send to the business via stablecoin rails, via USDC, which is regulated, backed by the dollar, and just makes its quicker and faster.
STABLECOINS | ‘We’re Building Using Fiat Infrastructure Powered by Stablecoins,’ Says CEO, Flutterwave
PayStack, another successful Nigerian fintech, has also likewise revealed that its next decade will focus on stablecoins as a major theme. The company said it is finalizing a stablecoin license in a key market as looks at how the next 10 years will look like for the fintech.
STABLECOINS | Stripe-Owned Nigerian Fintech, PayStack, Introduces Stablecoins as a ‘Major Theme’ Over Its Next Decade
NALA, an East-African fintech, has also revealed a partnership to enable stablecoin collections while leveraging its regulated on-and-off-ramp. NALA will allow businesses to receive stablecoins and its partner, Noah, handles the onboarding, KYC/AML compliance, and transaction monitoring, providing a regulated gateway into the stablecoin ecosystem.
Once funds are converted into stablecoins, they will pass into NALA’s Rafiki payments infrastructure API which is designed specifically to enable stablecoin transactions which terminate directly with local banks and mobile money networks across the markets it operates in.
STABLECOINS | Leading African Fintech, NALA, Partners with Noah to Launch a Stablecoin Settlement Network on Regulated Rails
Stay tuned to BitKE updates on stablecoin developments across Africa.
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