- Nigerians have begun using stablecoins as a viable solution against inflation.
- DeFi protocol Xend Finance is one of the frontrunners in this regard.
The company claims they will do this not only in Nigeria but to the entire African continent. According to Xend Finance, it strives to make it less difficult for informal savings groups and credit unions to overcome higher inflations.
Moreover, when this happens, both parties will get rid of local currency devaluation. Also, Xend Finance will allow them to easily convert funds to stablecoins directly without hassle.
Soon, individuals can manage and regulate their daily savings and earn higher yields despite their locations.
Xend Finance CEO Aronu Ugochukwu said,
We are not changing what they are used to doing. Our aim is to significantly improve it by giving them more access to the international money markets.
Recently , the Central Bank of Nigeria banned banks from providing account services to crypto exchanges. In fact, the banking authority said that anyone who fails to comply with the directive will end in severe regulatory sanctions. Despite Nigeria looking less crypto-friendly, Xend Finance has decided to offer the stablecoin services regardless.