Africhange has launched USD virtual accounts, integrated stablecoin funding (USDT, USDC), and enabled “Pay with Crypto” to upgrade its remittance services across Nigeria, the UK, Canada, and Australia—all while retiring its sister platform NairaEx and folding its operations into Africhange itself.
These developments arrive as Nigeria remains a major hub for cryptocurrency activity. Between July 2023 and June 2024, the country recorded about $59 billion in on-chain crypto inflows, putting it second globally in adoption ranking in Sub-Saharan Africa. An estimated 25.9 million Nigerians now use digital assets—nearly 12% of the population.
Africhange’s USD virtual account feature allows freelancers, expatriates, and international businesses to receive USD payments from anywhere, with no deposit fees and no U.S. residency requirement. These virtual accounts also accept stablecoin deposits, which are converted and available for remittances in local currency. Their “Pay with Crypto” function means senders can fund transfers using crypto while recipients receive conventional fiat payouts.
Analysts believe that Africhange’s push is well timed. Nigeria is among Africa’s largest remittance recipients—receiving $19.5 billion in 2023, with projections pointing to $26 billion by 2025. Meanwhile, traditional remittance routes are plagued by high fees, surging as high as 36% in some corridors, making crypto-enabled remittances a compelling alternative.
While the transition isn’t without risks, regulatory clarity remains evolving and volatility in crypto markets persists, Africhange’s move signals a deeper fusion of fiat and crypto in African fintech. If adoption scales, this could reshape how Nigerians send, receive, and invest across borders in the years ahead.
0 Comments