Stripe just made a major move in the Web3 space – rolling out support for stablecoins like USDC and USDB across 101 countries. Businesses can now send, receive, and hold stablecoins with the same ease as fiat, thanks in part to Stripe’s 2023 acquisition of Bridge, a crypto infrastructure startup.
Surprisingly though, 25 African countries made the cut – but not Nigeria, Kenya, South Africa, or Egypt. That’s a bold omission, especially since Nigeria is Africa’s largest economy and home to Paystack, one of Stripe’s own portfolio companies.
[TECH] [WATCH] Nigerian Payment Startup, PayStack, Gets Acquired by Online Payment Firm, Stripe, for Over $200 Million: In the midst of a tough week in Nigeria, we have some positive news to share. Paystack .. https://t.co/UNejLjCojP via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) October 17, 2020
So Why Were Africa’s “Big Four” Left Out?
One word: regulation.
In Nigeria, crypto has long had a complicated relationship with regulators. After years of restrictions, the Central Bank lifted its ban on crypto-related banking in late 2023. But in March 2025, a new investment law classified digital assets as securities and gave the Central Bank full control over who can issue or manage stablecoins. For Stripe—or any global fintech—that means navigating a newly complex licensing environment.
Kenya is still finalizing its first legal framework for crypto, which would place the Central Bank of Kenya in charge of everything from wallet providers to stablecoin issuers. South Africa, despite being a crypto hotspot, hasn’t yet slotted stablecoins into its financial regulations under the FAIS Act. Ghana, meanwhile, is still drafting its Virtual Asset Providers Act, expected by late 2025.
Stripe’s Message is Clear: No Clarity, No Entry
This isn’t a snub – it’s a signal. Stripe is prioritizing compliance and regulatory certainty, choosing smaller but crypto-friendlier markets like Angola, Gambia, Togo, and Zambia over giants still sorting out their crypto rules.
The irony?
Nigeria has one of the highest crypto adoption rates globally, and its startups have shaped some of Africa’s most influential fintech products. But innovation alone isn’t enough – without strong, stable regulations, even top markets can be left on the sidelines.
The Takeaway
We’re seeing two big trends collide: the mainstreaming of stablecoins and the growing importance of regulatory readiness. Stablecoins are no longer just trading tools – they’re becoming foundational to the future of global payments. But that future will be gated by governments.
Until regulators build better bridges, even the most promising markets may find themselves watching from the sidelines.
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