Globachain, a new fintech company, is launching a stablecoin payment platform to improve cross-border transactions between Africa, Europe, and other regions. With Stellar’s support, Globachain aims to onboard over 200 businesses and process $50 million in monthly transactions.
According to the company, Globachain is well-positioned to deliver a comprehensive end-to-end payment ecosystem that not only streamlines cross-border transactions but also drives financial inclusion and innovation across emerging markets.
Combining cutting-edge blockchain technology, AI-driven optimisation, and a suite of Circle products, Globachain aims to eliminate the delays and high fees that have long hampered international payments.
“Our platform was born from the real frustrations I experienced when trying to send money between the UK and Nigeria,” said Cairon Clarke, CEO of Globachain. “We’re building a faster, more cost-effective solution that leverages stablecoins like USDC and EURC to offer reliable, low-volatility transactions, optimised through advanced AI.”
What about the new cNGN?
The latest update on cross-border payments involving stablecoins in Nigeria has centered on the launch of the cNGN stablecoin. According to Clarke Globachain will include cNGN as part of the stablecoins for transactions.
The cNGN stablecoin, regulated by Nigeria’s Securities and Exchange Commission (SEC) under its Regulatory Incubation Program, has recently launched a public pilot. Developed by an entity referred to as “Wrapped CBDC” without direct bank involvement, cNGN aims to facilitate efficient transactions, including cross-border payments.
This development reflects Nigeria’s growing interest in stablecoins as a tool for enhancing payment systems, particularly given its status as the eighth largest recipient of inbound remittances globally, estimated at $20.5 billion in 2023.
Other local stablecoin players
Nigerian fintech startups are making significant strides in this space. Juicyway, a stealth startup that recently emerged into public view, and operates across the U.S., U.K., Canada, and Nigeria has processed over $1.3 billion in total payment volume (TPV) for 4,000+ users in the last three years using stablecoins like USDC and USDT.
Focused on cross-border payments, Juicyway enables conversions between fiat currencies (e.g., USD to Nigerian Naira) via stablecoin rails, offering a faster and cheaper alternative to traditional methods.
Similarly, Bingtellar, another Nigerian blockchain startup launched in 2022, is building infrastructure for cross-border payments using stablecoins and DeFi, integrating with local payment networks like mobile money wallets. It has expanded to five African countries, including Nigeria, and is seeing growing adoption among diaspora, remote teams, and businesses.
While the platform is still in development, Globachain has already demonstrated its commitment to innovation and community engagement.
Recently, the company hosted the Africa Hack—a dynamic hackathon that brought together developers, entrepreneurs, and industry leaders. The event featured prominent partners including ETH Nigeria, RedBull, SudoCat, Stellar, and Flow Blockchains, supporting Globachain’s vision.
These developments indicate a dynamic shift in Nigeria’s financial landscape, where stablecoins are increasingly viewed as a solution to the high costs, delays, and inefficiencies of traditional cross-border payments.
While these initiatives show promise, expers say their full impact on cross-border payments will depend on scalability, broader regulatory clarity, and user adoption beyond early adopters.
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