Africa Tech Summit: Fintech leaders, Busha make case for stablecoins in cross-border trade

Conversations around stablecoins took centre stage at the Africa Tech Summit (ATS) Nairobi last week, as digital finance stakeholders examined how blockchain-based payment tools could help African businesses overcome persistent barriers to regional and global trade.

The Africa Tech Summit Nairobi brings together technology founders, investors, policymakers and regulators to examine digital infrastructure and financial innovation shaping Africa’s participation in the global economy.

The debate comes as many African firms continue to grapple with high transaction fees, foreign exchange constraints, slow settlement timelines and limited access to correspondent banking services, all of which complicate cross-border commerce. Industry players at the summit argued that digital assets backed by stable currencies are increasingly being explored not for speculative trading but as payment infrastructure for everyday business activity.

Busha’s Chief Operating Officer, Moyo Sodipo, participated in a panel session titled “Connecting to the Global Economy: How Stablecoins Are Solving Real African Problems,” which brought together leaders from the fintech, banking and regulatory sectors to assess whether blockchain-based payment systems can address structural weaknesses in Africa’s financial architecture.

Mr Sodipo said the public conversation on digital assets in Africa has largely been shaped by price volatility and speculative trading, a framing he argued obscures the technology’s practical utility for commerce.

“What we should be talking about is how this technology moves value across borders and currencies, and how it can be applied to real economic activity,” he said, noting that use cases such as payroll for cross-border workers, settlement for importers and exporters, and business-to-business payments are already emerging on the continent.

From hype to real-world use

Stablecoins are digital tokens typically pegged to relatively stable assets, such as the U.S. dollar. While they have gained global attention as a bridge between traditional finance and blockchain networks, their application at scale in emerging markets is only beginning to take shape.

According to Mr Sodipo, stablecoins could help mitigate three longstanding constraints faced by African traders and businesses: the high cost of cross-border payments, limited access to foreign currency liquidity, and prolonged settlement cycles through correspondent banking networks.

He said traditional remittance and settlement channels often impose significant fees on cross-border transactions, placing additional pressure on small and medium-sized enterprises that depend on frequent international payments. Limited access to foreign exchange within domestic banking systems further complicates payments to overseas suppliers, while settlement delays can disrupt cash flow for exporters and importers.

Mr Sodipo argued that stablecoins offer the potential for faster settlement, more transparent pricing and greater transaction visibility, without requiring a fully harmonised regional payments system.

Trust, transparency and regulation

Trust remains a significant challenge for digital assets in Africa, both among users and regulators. Mr Sodipo said blockchain technology provides built-in transparency through permanent transaction records and traceable audit trails, which could support compliance, monitoring and risk management.

However, he acknowledged that regulatory frameworks across Africa remain uneven, with some jurisdictions moving more quickly than others to define rules for the use and oversight of digital assets.

“We cannot build an integrated financial future with fragmented regulation,” he said, adding that broader adoption of stablecoins would depend on cooperation between regulators, financial institutions and technology platforms. According to him, interoperability in payments is not only a technical issue but also an institutional and regulatory one.

Mr Sodipo also called for greater development of stablecoins backed by African currencies or regional asset baskets, arguing that heavy reliance on foreign-issued, dollar-pegged stablecoins could reinforce dependency on external monetary systems.

He said locally backed instruments could be better aligned with African market realities and support intra-African trade, particularly as countries seek to deepen regional economic integration under frameworks such as the African Continental Free Trade Area (AfCFTA).

“Shifting dependence from one external system to another does not solve the underlying problem,” he said. “African businesses need instruments that are designed with local realities in mind.”

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Industry engagement beyond the panel

On the sidelines of the summit, Busha co-hosted a networking session with global stablecoin issuer Tether, bringing together fintech founders, payments executives, regulators and investors to exchange views on adoption trends, regulatory engagement and potential use cases for stablecoins in African markets.

Tether executives in attendance included Arnoud d’Yve de Bavay, head of expansion for Africa; Mabuti Mutua, head of regulatory affairs and licensing in Africa; and George Mosomi, head of expansion in Kenya.

Participants at the session discussed practical applications ranging from payroll for remote workers to cross-border supplier payments for import-export businesses, as well as the regulatory safeguards needed to protect users while supporting innovation.

The Africa Tech Summit Nairobi has emerged as a key forum for debates on the future of Africa’s digital economy, with this year’s agenda also featuring sessions on cross-border payment interoperability, central bank digital currencies, regulatory sandboxes and the digitisation of trade finance and supply chains.

The prominence of stablecoins in this year’s discussions reflects a broader shift in how digital assets are being framed in African policy and industry circles from speculative instruments to potential components of payments infrastructure and financial inclusion strategies aimed at improving the flow of value across borders.