Africa's Stablecoin Boom Creates New Middlemen Challenge

Africa's adoption of stablecoins has brought about a new challenge: the proliferation of middlemen. According to Maksym Sakharov, group CEO and co-founder of WeFi, while stablecoins can simplify cross-border transactions by removing some intermediaries, they are unlikely to eliminate financial intermediation altogether.

The traditional role of correspondent banks is being joined or replaced by wallet providers, liquidity firms, foreign exchange providers, and payment companies connecting stablecoins to local currencies and financial systems. This shift raises concerns about the creation of a new layer of middlemen in the payment chain.

Nigeria has emerged as a major hub for stablecoin-driven cross-border activity, with the country receiving over $92.1 billion in crypto value in the 12 months to June 2025. Stablecoins made up more than 65% of Nigeria's crypto inflows in 2024, and the International Monetary Fund reported that they accounted for roughly 60% of Sub-Saharan Africa's stablecoin inflows in June 2026.