The Chief Executive Officer of Konga Group, Prince Ekeh, has advocated for wider adoption of stablecoins to accelerate cross-border trade and eliminate payment barriers across Africa.
Ekeh said, in a statement on Sunday, that stablecoins and other emerging payment technologies could help businesses overcome transaction bottlenecks, improve liquidity access and facilitate seamless commercial activities across African markets.
A stablecoin is a type of cryptocurrency that aims to maintain a stable value relative to a specified asset, a pool or basket of assets. The specified asset might refer to fiat currency, commodity, or other cryptocurrencies
According to Ekeh, in spite of significant advances in digital payments and fintech innovation, businesses across the continent still face challenges conducting efficient cross-border transactions.
“Nigeria has gone very far in online transactions and fintech innovation. The progress made by institutions such as NIBSS and the broader fintech ecosystem deserves commendation,” he said.
He, however, observed that business adoption of emerging payment technologies remained significantly behind consumer usage, limiting opportunities to scale commerce and strengthen cross-border trade activities.
Commenting on international commerce, Ekeh said substantial work was still necessary to create seamless payment systems capable of supporting efficient trade and business expansion across Africa.
Ekeh highlighted the growing relevance of stablecoins as practical tools for addressing longstanding challenges in modern commercial transactions.
“People often become nervous when they hear the word crypto. However, every technology has two sides. Artificial Intelligence, for example, is creating enormous value, yet it can also be misused.
“The same principle applies to crypto. 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.
According to him, stablecoins offer businesses opportunities to improve efficiency, access liquidity more effectively and overcome several payment bottlenecks associated with cross-border transactions.
Drawing from Konga’s experience, Ekeh explained that the company invested significantly in infrastructure designed to address operational challenges and support long-term business growth.
“By tapping into available liquidity and embracing emerging technologies responsibly, we have been able to improve business processes and unlock new opportunities for growth,” he stated.
On digital trust, Ekeh acknowledged that concerns surrounding digital assets remained a legitimate challenge for businesses, consumers and investors across the continent.
He, however, expressed confidence in ongoing efforts by regulators to strengthen transparency, improve oversight and encourage responsible innovation within the digital payments ecosystem.
“There are already guardrails being established. Both the Central Bank of Nigeria and the Securities and Exchange Commission are working collaboratively to create a more structured and transparent regulatory framework,” Ekeh said.
He said stronger regulations would help build confidence among businesses and consumers while supporting wider adoption of emerging payment technologies across sectors.
Highlighting changing consumer behaviour, Ekeh said Nigerians had increasingly embraced digital payments in everyday transactions, demonstrating growing acceptance of technology-driven financial solutions.
“The reality is that Nigerians are already embracing digital payments in everyday life. Businesses must evolve at the same pace. We need to move beyond old assumptions about cash,” he said.
Ekeh, however, said unlocking Africa’s commerce potential would require stronger infrastructure, regulatory clarity and greater business confidence to support innovation and cross-border commercial expansion.
He added that the continent’s next phase of growth would be shaped not only by technology itself but by how effectively organisations use innovation to enable trade without boundaries.
Konga.com is a Nigerian e-commerce company founded in July 2012 with headquarters in Gbagada, Lagos State.
It offers a third-party online marketplace, as well as first-party direct retail spanning various categories including consumer electronics, fashion, home appliances, books, children’s items, computers & accessories, phones and tablets, health care, and personal care products.
