Flutterwave Adopts Polygon Blockchain to Power Stablecoin Cross-Border Payments

Sending money across African borders has long been a complicated and expensive process. Now, Africa’s largest payments company, Flutterwave, is making a bold move to change that. The company is teaming up with Polygon Labs, a major blockchain software firm, to leverage stablecoins for faster and cheaper international transactions.

This multi-year partnership will use Polygon’s blockchain network to offer instant, low-cost settlements in over 30 African countries. Both companies are calling it one of the most significant real-world uses of stablecoins in emerging markets, signaling a major shift in how digital payments could work across the continent.

Why This Move Matters for African Commerce

Since its launch in 2016, Flutterwave has become a dominant force in African fintech, connecting global companies to the continent’s financial systems. It already handles over $40 billion in payments across 34 countries and supports more than 150 currencies. This new partnership isn’t just an upgrade, it’s a strategic leap into blockchain technology to tackle a persistent challenge: cross-border transactions that are often slow, costly, and fragmented.

So how will it work? Polygon’s Proof-of-Stake blockchain is set to become Flutterwave’s primary network for these international settlements. The rollout is planned in phases, starting in 2025 with large enterprise clients and expanding to all Flutterwave for Business users and its consumer-focused Send App by 2026.

Solving the High Cost of Moving Money

Despite processing billions in remittances and business payments every year, Africa’s payment systems are among the most expensive globally. According to the World Bank, sending money to sub-Saharan Africa costs an average of 8% per transaction. That’s nearly three times the global average. On top of high fees, settlement delays can drag on for days, creating cash flow problems for small businesses and disrupting trade.

What if those delays and fees could practically disappear? That’s the goal. Flutterwave and Polygon believe their collaboration can solve these issues by using stablecoins to settle payments in seconds, cutting costs to just a fraction of a cent.

This strategy taps into a growing trend. Stablecoin usage in Africa has exploded, largely driven by remittances and the rise of digital commerce. In 2024, stablecoin transaction volumes on the continent shot past $50 billion, making up over 40% of all crypto value received in the region. This shows a clear demand for more efficient digital money.

A New Foundation for Global Payments

Olugbenga Agboola, Flutterwave’s CEO and founder, framed the partnership as a game-changer for economic growth. “Businesses in emerging economies process billions in cross-border payments annually, yet still face high costs and slow settlement times,” he said. “By partnering with Polygon, we’re introducing a solution that makes international payments even more simple and affordable than many local ones. This revolution will unlock new economic opportunities across the continent.”

Polygon Labs CEO Marc Boiron echoed this sentiment, calling Flutterwave’s move a huge vote of confidence in stablecoins. “Thriving African businesses lose revenue each year to slow, expensive cross-border payments,” Boiron noted. “Flutterwave saw what we see: stablecoins on Polygon can advance settlement times from days to seconds and high fees into pennies.” This move is a key part of the broader crypto-fueled revolution in finance.

The initial phase will focus on Flutterwave’s major multinational clients, including names like Uber and Audiomack. Later, the second phase will bring these advantages to everyday consumers through the Send App, potentially transforming how individuals send and receive money from abroad.

For Polygon, this partnership builds on other major institutional wins, like powering BlackRock’s BUIDL Fund tokenization. For Flutterwave, it’s a clear bet that the future of digital payments is intertwined with the Web3 and fintech economy. As the worlds of traditional finance and crypto continue to merge, ensuring robust crypto security and sovereignty will be key to building trust and driving adoption in this new era of decentralized money.