IMF, Yellow Card discuss stablecoins as Africa’s FX pressures persist

Officials from the International Monetary Fund (IMF) met executives of African crypto payments firm Yellow Card in Lagos to discuss the growing role of stablecoins as foreign exchange pressures continue to affect businesses and payments across parts of Africa.

The meeting focused on how stablecoins, digital assets designed to hold a stable value, are being used in cross-border payments, remittances and liquidity access in markets where companies often face currency volatility and limited access to foreign exchange.

The IMF delegation included Bo Zhao, an economist in the fund’s macro-financial unit of the strategy, policy and review department, and Bonet Laraba, IMF office manager.

They met members of Yellow Card’s Nigeria leadership team led by Lasbery C. Oludimu, vice president of operations and managing director for Nigeria. Other participants included Sebastine Odimma, tax director; Bright Chinweotuto Anyanwu, senior compliance manager and money laundering reporting officer for West, Central and East Africa; Japhet Gana, group head of transaction risk and financial crimes; and Somtochukwu Nnajim, Nigeria country manager.

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The engagement focused on the rapidly evolving role of stablecoins within Nigeria’s financial system and across emerging markets. Discussions covered practical use cases of stablecoins in everyday financial activity, including cross-border payments, remittances, liquidity access, and their interactions with foreign exchange markets.

Participants also explored the regulatory considerations shaping the sector, the importance of transparent reserve backing mechanisms, and the role digital assets could play in strengthening financial infrastructure across Africa.

Commenting on the engagement, Lasbery C. Oludimu, vice president of operations and managing director for Yellow Card Nigeria, emphasized that such engagement highlights the growing importance of dialogue between industry operators and global policy institutions.

“Stablecoins are becoming an increasingly important part of the financial infrastructure that supports global commerce, particularly in emerging markets. Across Africa, we are seeing businesses and individuals adopt stablecoins for cross-border payments, remittances, and as a more stable store of value in challenging currency environments.

“Engaging with institutions like the IMF allows us to share on-the-ground insights while also contributing to conversations around responsible regulation and sustainable innovation in the digital asset ecosystem,” Oludimu said.

Globally, stablecoins are increasingly being recognized as an important layer in modern financial systems. Governments and regulators in multiple jurisdictions are actively developing frameworks to guide their responsible use, while businesses are exploring how blockchain-based payment rails can reduce transaction costs, improve settlement speed, and enhance financial access in regions where traditional financial infrastructure can be fragmented.

In Africa, where cross-border payments remain among the most expensive in the world and where businesses often face foreign exchange constraints, stablecoins are emerging as a practical tool to facilitate faster international transactions and provide a more reliable store of value for individuals and enterprises operating in volatile currency environments.

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The discussions with the IMF delegation provided an opportunity to exchange insights on how these innovations are unfolding in real markets, particularly in Nigeria, one of Africa’s largest digital asset markets.

Yellow Card noted that engagements with international institutions such as the IMF play an important role in ensuring that financial innovation in emerging markets is informed by both local operational realities and evolving global policy frameworks.

As stablecoins continue to gain adoption worldwide, collaboration between policymakers, financial institutions, and technology platforms will remain essential to building a secure, transparent, and inclusive digital financial ecosystem.