Prince Nnamdi Ekeh, Chief Executive Officer of Konga Group, has called for wider adoption of stablecoins to accelerate cross-border trade across Africa, while also announcing a $2.7 million investment in stablecoin payments startup Stable.
- Prince Nnamdi Ekeh, Chief Executive Officer of Konga Group, has called for wider adoption of stablecoins to accelerate cross-border trade...
- Ekeh made the remarks while delivering the keynote address at the 2026 E-Commerce and Payments Forum organised by the Africa...
- He described stablecoins as among the most practical tools available to address these challenges.
- Konga’s $2.7 million bet on Stable signals that at least one major Nigerian e-commerce player is moving beyond advocacy into...
Keep reading for the full breakdown on AfCFTA — everything you need to know is covered below.
Ekeh made the remarks while delivering the keynote address at the 2026 E-Commerce and Payments Forum organised by the Africa Retail Academy of Lagos Business School.
The forum, themed “Minimising Friction, Maximising Commercial Impact,” brought together regulators, fintech leaders, and business executives to discuss strategies for strengthening digital commerce across Africa.
Why Konga CEO supports stablecoin adoption
According to Ekeh, cross-border payments on the continent remain expensive, slow, and operationally complex due to multiple intermediaries, foreign exchange conversions, and settlement delays. He described stablecoins as among the most practical tools available to address these challenges.
“People often become nervous when they hear the word crypto. But every technology has two sides. The focus should be on how we leverage the positive side of technology to create productivity, improve efficiency and solve real business problems,” he said.
Ekeh noted that Nigeria had made notable progress in digital payments and fintech innovation, but said business adoption of many digital tools still lags behind consumer usage. He expressed optimism that ongoing regulatory efforts by the Central Bank of Nigeria and the Securities and Exchange Commission would provide clearer rules for the sector.
Konga’s $2.7 million bet on Stable signals that at least one major Nigerian e-commerce player is moving beyond advocacy into direct infrastructure investment.
Why stablecoin adoption may take time in Africa
Despite growing interest from businesses and fintech firms, stablecoins continue to face structural challenges that could slow their adoption across much of Africa.
Regulatory uncertainty remains the most immediate obstacle. Many African countries have yet to establish clear rules governing stablecoin issuance, settlement, and commercial use. Without regulatory clarity, businesses face compliance risks that can discourage investment and adoption.
Also, the internet and smartphone penetration gaps constrain reach. In several African markets, large portions of the population still transact through feature phones or cash, making digital asset infrastructure difficult to deploy at scale.
Foreign exchange controls present another obstacle. Countries including Nigeria, Ethiopia, and Egypt maintain capital-flow restrictions that complicate stablecoin-based cross-border settlements, regardless of the technology’s efficiency.
Dollar-pegged stablecoins, which dominate the market, also expose users in local-currency economies to exchange-rate risk when converting back to their local currencies, such as naira, cedis, or other African currencies. This partially undermines the argument for stablecoin stability.