Calvary Systems launched NGNT, a fiat-backed Nigerian Naira token on Stellar, enabling instant cross-border payments to Nigeria. The token integrates with Nigeria's banking infrastructure (NIBS) and is already used by payment operators like Tempo and SatoshiPay.
Lisa Nestor from the Stellar Development Foundation and Bubemi from Calvary Systems presented how Stellar powers cross-border payments for Nigeria. Calvary issued NGNT, a one-to-one pegged digital Naira token on Stellar, which connects the Stellar network to Nigeria's interbank settlement system (NIBS). NGNT enables deposit and withdrawal functionality through multiple wallets and services, allowing users to convert between physical Naira and digital assets. Key customers include Tempo (money transfer from Europe to Nigeria), SatoshiPay (B2B payments), and CoinInvest (crypto merchant processing). Calvary generates revenue through transaction fees on deposits and withdrawals, plus market-making spreads. The small three-person team leveraged Stellar's ease of token issuance and built the service in a short timeframe.