Africa Stablecoin Network Aligns With CBN and Calls for Unified Standards

Nigeria’s fast-moving fintech sector has taken a new turn as the Africa Stablecoin Network renewed calls for a single regulatory framework to support stablecoins and other digital assets across the country. The group believes Nigeria stands to gain significantly if regulations catch up with the rapid pace of innovation.

The organisation voiced its position in a statement on Tuesday, aligning itself with Central Bank Governor Olayemi Cardoso’s push to modernise the nation’s payment systems. It added that faster and cheaper cross-border transactions are no longer optional for African economies trying to compete globally.

ASN President Nathaniel Luz explained that stablecoins serve different purposes on the continent. “For our continent, the conversation is not about speculation; it is about solving real payment and trade problems,” he said. While stablecoins may appear to be a convenience elsewhere, he stressed that they act as a vital financial tool in many African countries.

The Africa Stablecoin Network argued that stablecoin rails could reduce cross-border settlement times from several days to just minutes. It also noted that remittances, which often attract fees between 5% and 7%, could fall to below 1% when routed through digital systems. The organisation said such improvements would especially boost micro, small and medium businesses that rely heavily on quick access to suppliers.

ASN emphasised that these benefits could strengthen participation in the African Continental Free Trade Area, which aims to improve trade links within the region. Delay, it warned, would only hold back the businesses that need efficient payment options the most.

Its statement followed remarks by Gov. Cardoso at the G-24 Technical Groups Meeting, where he highlighted the global struggle with slow and expensive cross-border transactions. “Today, cross-border payments remain too slow, too costly, and too fragmented, especially for developing economies,” he said. He added that high compliance burdens continue to lock out many smaller businesses from global opportunities.

Despite supporting the reforms, the Africa Stablecoin Network also acknowledged the risks raised by the CBN. Concerns over currency substitution, volatility and financial stability remain relevant, the group said, but should be addressed through regulation rather than hesitation.

The network pointed to the Investment and Securities Act 2025, which gives the Securities and Exchange Commission authority over digital assets. It added that the CBN’s Payments System Vision 2025 already outlines how the apex bank and the SEC could work together to chart a clear path for stablecoin oversight.