Kindly share this story:

Bitget Wallet, a self-custodial crypto wallet with more than 100 million users globally, on Tuesday, launched a card in Nigeria that lets users spend stablecoin balances at Visa merchants worldwide, adding a crypto route to the ways Nigerians pay in dollars.

The Bitget Wallet Card, which is virtual, is issued inside the Bitget Wallet app and works with Google Pay for online and contactless payments. Purchases earn up to three per cent cashback, paid under the company’s Assetback programme in USDC, Bitcoin, gold, tokenised stocks or exchange-traded funds.

Nigeria is Sub-Saharan Africa’s largest crypto market. It received more than $92.1bn in crypto value between July 2024 and June 2025, nearly three times South Africa, according to blockchain analytics firm Chainalysis.

An International Monetary Fund paper published in June put Nigeria’s share of stablecoin inflows to the region since 2019 at roughly 60 per cent, allowing users to hedge against currency risk and a way to pay overseas suppliers.

The card arrives as access to dollars through Nigerian banks continues to improve. Between 2023 and 2025, foreign exchange shortages had forced many lenders to cut those limits or suspend offshore card transactions. Inflows are also rising. The Central Bank of Nigeria Governor, Olayemi Cardoso, said in July that diaspora remittances, then above $600m a month, were expected to reach about $1bn a month by the end of 2026.

“Stablecoins are becoming a practical financial tool in markets like Nigeria, but their potential goes well beyond holding or transferring digital dollars,” said the Chief Operating Officer of Bitget Wallet, Alvin Kan.

“The next step is making crypto useful across the entire money cycle, from receiving income and managing savings to investing and paying for everyday purchases. We’re working to make these activities part of a connected financial experience, so users can move between digital assets and the real economy without relying on multiple disconnected services.”

Beyond the card, Bitget Wallet offers USD and EUR virtual accounts that receive international bank transfers and convert them into stablecoins in the user’s wallet, and a local transfer service that converts stablecoins into naira for deposit to Nigerian bank accounts.

The product launches as Nigeria updates its regulatory framework for digital assets. The Investments and Securities Act 2025 classifies digital assets as securities under the Securities and Exchange Commission. In August, the SEC published proposed rules covering digital asset operations, custody, and markets.

Globally, Standard Chartered said in October that it still expects the stablecoin market to reach $2tn, but now by 2030 rather than 2028. Supply stands at about $309bn. The bank estimated last year that up to $1tn could move from emerging market bank deposits into stablecoins by 2028. In its June paper, the IMF said stablecoins in Nigeria “are neither a passing trend nor a complete substitute for traditional finance.”

Justice has over three years experience spanning digital and print media. At The PUNCH, he currently covers the automobile sector with special interest in features and industry analysis.

Kindly share this story:

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]

ATTENTION NIGERIANS: You can now comfortably earn US Dollars when you acquire premium domains for as low as $3000 and profit $15,000-$35,000. Ideal for professionals like Entrepreneurs, Doctors, Civil/Public servants, IT Experts, Accountants ETC. CLICK HERE TO START.

Stay informed and ahead of the curve! Follow The Punch Newspaper on WhatsApp for real-time updates, breaking news, and exclusive content. Don't miss a headline – join now!

Stay in the know—fast. Get instant alerts, breaking headlines, and exclusive stories with the Punch News App. Download now and never miss a beat.