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Business Remittances in Africa: The Stablecoin Liquidity Shift
Posted by Thandiubani on Mon 29th Sep, 2025 - tori.ngIf you handle remittances in Africa, you're already likely familiar with the challenges of traditional payment channels. Efficient transfers are essential for smooth business operations. From ideation to production and sales, businesses depend on reliable channels to deliver goods and services, making the choice of the right solution critical for streamlined operations.
Since the effectiveness of a remittance channel hinges on scalability, speed, and remittance costs, the search for better solutions for remittances in Africa has made stablecoins a suitable alternative to address high fees, delays, and inaccessibility that traditional channels have failed to solve.
The Stablecoin solution
Stablecoins are digital assets pegged against the US dollar, euro, or other stable currencies and stored on the blockchain. By their nature, they are accessible to anyone with an internet connection and a smartphone.
Low entry barrier, right? This is one of the key reasons a growing number of African businesses are switching over. A smartphone and internet connection are all it takes to leverage stablecoins for cross-border payments, slashing remittance fees by more than 50% and settling in seconds, in most cases.
According to a Chainalysis report, stablecoins accounted for 43% of total crypto transaction volume in Sub-Saharan Africa in 2024. This means that a growing number of institutions are adopting stablecoins for businesses remittances in Africa, shifting away from traditional FX channels.
How stablecoins address the inefficiencies of traditional channels
Stablecoins are hosted on public blockchains.Its transactions are end to end, lowering costs, and making it a suitable alternative among many businesses, especially the young and tech-savvy generation of business owners driving remittances in Africa Africa.
Unlike traditional channels with limited volumes and slow settlements, stablecoins offer businesses access to scalable liquidity, enabling smooth, cross-border remittances in Africa.
What's more? Stablecoin remittances cost less than their traditional counterparts. This is thanks to blockchain’s direct on-chain settlements, contrary to traditional channels that rely on interbank settlements to move cross-border liquidity. Overall, stablecoins have proven themselves as suitable alternatives for businesses with foreign exchange exposure to Africa.
Tether’s USDT and Circle’s USDC are the most popular stablecoins for remittances in Africa, as the list of businesses looking to mitigate the complexities of doing remittances via traditional channels continues to make the shift.
We have established how Stablecoins help businesses make faster, affordable, and large-volume remittances in a way traditional channels cannot match; however, this narrative is not complete without highlighting the liquidity partners providing stablecoin facilitation.
The Key Players Driving Africa’s Stablecoin Liquidity Market
A number of key players power Africa’s stablecoin remittance market, with Ledig Technologies standing out for its institutional focus alongside Mansa, and Conduit. Yellow card uses a multi approach, serving both retail, and institutional users.
Ledig Technologies
Ledig Technologies is a pan African stablecoins liquidity Fintech born out of the need to address FX inefficiencies in Africa. It is US registered, and started operations in 2024. Ledig helps modern businesses navigate the complexities of doing remittances in Africa and other emerging markets. It offers a range of unique services that are practical alternatives to traditional FX channels. Its offerings combine speed, institutional liquidity, and competitive pricing in one solution. Its key service offerings include:
- Institutional OTC Liquidity Desk
This service offers institutional-grade stablecoin-to-fiat and fiat-to-stablecoin execution with deep liquidity, competitive pricing, and real-time settlement. Ledig’s offering includes illiquid pairs like MWK, AOA, XOF, and XAF.
- On-Demand Liquidity
While large-volume stablecoin on and off-ramping on Ladig is near-instant, the instant liquidity service enables rapid conversions between fiat and stablecoins. This service enables businesses to access instant large volume liquidity at market rate.
- Borderless Payments Service
This service helps businesses operate across African markets without exposure to local currency volatility. With this service, businesses on Ledig can send and receive local currency payments while pricing, invoicing, and settling is done entirely in USDC or USDT, shielding balance sheets from local currency volatility.
- Dynamic Rates and Hedging Solutions
Ledig delivers a dynamic rate execution and risk-mitigation infrastructure that helps businesses access FX at pre-agreed rates over a fixed period of time, optimising FX pricing, hedge stablecoin conversions, and streamline cross-border settlements. Ledig’s other offerings include an embedded & white-Label infrastructure, on-platform crypto wallets & blockchain solution, a robust payment API, and cross-border virtual accounts.
Yellow Card
Yellow Card began operations in Nigeria in 2019 and has since expanded to other markets, catering to both retail users and institutional users. Alongside Ledig, it is one of the most important stablecoin facilitators helping businesses process remittances in Africa. It enables retail users to trade cryptocurrencies like Bitcoin and Ethereum, as well as stablecoins like USDT, USDC, and PYUSD, via its mobile app. Its business service offerings include:
- Treasury Management & Banking Integration
Just like Ledig, Yellow card service gives institutional users or businesses access to deep liquidity, perform and manage large institutional stablecoin conversions, and perform cross-currency swaps. Banks and other institutions can also leverage their service to make international payments, manage their treasury, and access USD via Stablecoins.
- Invoice Payment and Payment API
This service enables businesses to settle international invoices using stablecoins or major global currencies. It helps institutions already leveraging Yellow Card services to generate invoices from the company’s page, share them with partners, while Yellow Card processes the transaction. Like Ledig, its Payments API provides businesses with local fiat on/off-ramps, access to deep liquidity, and compliant treasury solutions.
MANSA
Unlike Yellow Card, and like Ledig Technologies, Mansa is a solely business-facing stablecoin liquidity facilitator. The company is based in the UAE and was founded in 2023. It provides stablecoin solutions for emerging markets in Africa, Latin America, and Southeast Asia. Mansa’s core offering is its Liquidity service.
- Liquidity Service offering
Just like Ledig's institutional liquidity offering, Mansa’s liquidity offering provides businesses with instant USDT access for cross border payments. The company offers stablecoin-powered liquidity solutions that help businesses achieve instant cross-border settlements. Its solutions are designed to optimise global payment operations through streamlined treasury management, giving enterprises the ability to eliminate settlement delays and optimize capital requirements.
CONDUIT FINANCIALS
Conduit is focused on B2B cross-border payments to emerging markets, including Africa. The company provides innovative financial infrastructure that streamlines transactions for businesses. Like Yellow Card and Ledig, it has built scalable solutions that enhance remittances in Africa and other emerging markets. Some of its service offerings are
- Global Cashflow
This service helps businesses across the African market manage cross-border remittances across multiple currencies, simplifying treasury operations. It provides
businesses with transparent, efficient, and scalable solutions for optimizing cash flow and smoother global payment operations.
- Accounts Payable and Remote Payroll service.
Conduit’s Accounts Payable service helps businesses settle partners across key markets. Its remote payroll service enables businesses to leverage stablecoins to streamline global payroll. Like other key players, its service offering reduces FX costs and eliminates settlement delays, helping African businesses scale operations.
The Bottom Line
Mansa, Conduit, and Yellow Card are among the most visible names in Africa’s stablecoin remittance space. Each company has secured significant funding in the past few years,scaling its operations.
Mansa raised $10 million in February 2025 to deepen its liquidity offerings and expand into new markets. Conduit followed with a $36 million Series A in May 2025, bringing its total funding to $53 million and supporting expansion into Asia. Yellow Card, the most funded of the three, has raised $88 million across four rounds, extending its infrastructure across Africa and recently launching in Bangladesh and Colombia.
Unlike these players, Ledig Technologies has so far taken a different path. Without external funding, the company has processed $100 million in stablecoin remittances within just six months of operations, validating its product market fit. This rapid traction shows that Ledig’s approach of combining speed, institutional-grade liquidity, and competitive execution directly meets prevailing market demand.
While Yellow Card service offering extends into retail services, Ledig, like Mansa and Conduit, focuses exclusively on institutional users. Yet Ledig’s leaner and focused model distinguishes it further, positioning it as one of the few institutional stablecoin liquidity providers in Africa with infrastructure built for scale, helping it achieve success on such short notice, without funding. As per recent press release, the company is now looking to expand to more emerging markets including India, Indonesia, and Latin America.
Conclusion
The drive to adopt stablecoins for remittances in Africa is heating up. Regulatory clarity, which has long been the greatest obstacle, has recently improved in many jurisdictions, mirroring progress in the US and parts of Europe.
Nigeria’s SEC has established a clear licensing pathway (ARIP) to obtain its Virtual Asset Service Provider (VASP) license. South Africa has started issuing Crypto Asset Service Provider (CASP) licences under its FAIS Act.
Botswana, another South African nation, has passed its Act 4 OF 2025, a Virtual Assets Act, to regulate stablecoins. Kenya is advancing a Virtual Asset Service Providers (VASP) Bill in 2025, while Namibia enacted its Virtual Assets Act in 2023, with provisional licences granted in early 2025.
These and more points to a maturing stablecoin industry across Africa’s most dynamic economies, which’ll eventually drive more institutional stablecoin liquidity providers to meet rising demand from businesses seeking relief from traditional bottlenecks.
More providers mean more pathways to move capital, expanding choices for businesses across the continent.
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