Defi Research Analyst. Building @afriflux_xyz.
Lagos
Joined March 2022
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Introducing AfriFlux.
Everyone agrees stablecoins are the biggest story in African crypto. Almost nobody has measured the economy behind them.
So I mapped it onchain, wallet by wallet, starting with Nigeria: $485M in retail stablecoin flow across 10 venues and 340k wallets, attributed to the businesses actually moving it.
Not funding rounds. Not user counts. Onchain ground truth.
See which venues move the most, how the market splits across exchanges and off-ramps, and the methodology behind every number.
Nigeria first, more markets live soon. Native stablecoin coverage lands this week.
afriflux.xyz
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Regular income, rarely a regular salary. The full picture of how these dollar accounts get paid:
Following the dollar: Inside Nigeria's virtual dollar accounts
afriflux.xyz/research/follow…
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Is the dollar money landing in Nigerian neobanks a salary? Mostly no.
Of 1,139 @OnboardGlobal users we could follow, 12 (1.1%) get a steady monthly amount.
273 (24%) are paid most months, but in amounts that move, across ~3.7 payments a month. Several clients, not one employer.
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What looks like a monthly payout to thousands, hiding in plain sight. Read the full investigation:
Following the dollar: Inside Nigeria's virtual dollar accounts
afriflux.xyz/research/follow…
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On the calendar it's the loudest day of the month: 4.8x an average day's payments, but only 1.7x its value.
On 31 Aug 2026 @RaenestApp got the same burst: 1,633 identical sub-$50 amounts at both neobanks.
One payer or one processor. Who, and for what: unknown.
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Every month on the 29th, @greyfinance 's dollar account takes a burst of up to ~10,000 small payments. A normal day: ~300.
Median $8.85. $100K–$143K a batch, all on Solana. Only 2–3% are whole dollars: computed earnings, not invoices.
It started at 1,271 in March 2025.
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@usedivest rounds out the ranking with $86.26 million in stablecoin transaction volume.
Founded by Kelechi Idoko and Divine Olokor, the Nigerian fintech provides crypto-to-fiat conversion and cross-border payment services across markets including Nigeria, Ghana, Kenya and South Africa.
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@greyfinance comes in ninth with $86.76 million in stablecoin transaction volume.
Founded by Idorenyin Obong, Grey began by helping remote workers and freelancers access international banking services and receive payments in foreign currencies.
The company has since expanded its cross-border financial services offering.
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@MySpenda records $109.58 million in stablecoin transaction volume, taking the eighth position.
Daniel Anwuli serves as the company's CEO. Its stablecoin activity places it among the 10 companies tracked in this ranking.
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Busha takes seventh place with $149.06 million in stablecoin transaction volume.
Co-founded by Michael Adeyeri, and Olaoluwa Samuel-Biyi, the Nigerian fintech has secured an SEC licence to operate as a digital asset service provider.
Adeyeri serves as CEO.
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@Monicanigeria records $211.51 million in stablecoin transaction volume, securing the sixth position.
The Nigerian crypto-to-naira off-ramp launched in 2023 to simplify crypto conversions and bank payouts.
Its platform now reports more than 700,000 verified users and over ₦1 trillion in lifetime transactions. Mbah Casmir is its CEO.
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@LunoGlobal takes fifth place with $330.78 million in stablecoin transaction volume.
Founded by Marcus Swanepoel and Timothy Stranex in 2013, the cryptocurrency platform has grown from its South African roots into an international digital asset business.
Marius Reitz, pictured here, leads Luno's African operations.
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@theflutterwave records $513.69 million in stablecoin transaction volume, placing fourth in our ranking.
Founded in 2016 by Olugbenga 'GB' Agboola, the payments company has expanded its infrastructure across African markets.
It has also moved into stablecoin settlement, including USDC integration across its platform.
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@VALRdotcom ranks third with $550.55 million in stablecoin transaction volume.
Co-founded by Farzam Ehsani (@farzamehsani) and launched in 2018, the South African exchange has raised $55 million from investors including Coinbase Ventures and Pantera Capital. Ehsani serves as its CEO.
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@QuidaxGlobal takes the second spot with $808.41 million in stablecoin transaction volume.
Founded in 2018 by Buchi Okoro, Uzo Awili and Morris Ebieroma, the Nigerian crypto exchange became one of the first to receive a provisional Digital Assets Exchange licence from Nigeria's SEC in August 2024.
Okoro leads the company as CEO.
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Leading the ranking is @ObiexHQ, with $11.83 billion in stablecoin transaction volume.
Founded by Ikechukwu Okeke and Chidozie Ogbo, Obiex started as a crypto off-ramp service before expanding into a broader trading and exchange platform.
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How much stablecoin volume have Africa's leading crypto fintechs processed over the years?
We tracked the top 10 companies by volume, and together, they've recorded an impressive $14.67 billion. Here's how they rank. 👇
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The €1,500 pattern, the monthly batch on the 29th, and what else the amounts give away.
Following the dollar: Inside Nigeria's virtual dollar accounts
afriflux.xyz/research/follow…
