Stellar Development Foundation invested $750,000 in Cowrie, a Nigeria-based fintech platform using Stellar for crypto remittances. The funding supports expansion of payment corridors between Africa and the world, though Cowrie recently suspended naira transactions due to Nigeria's crypto banking restrictions.
The Stellar Development Foundation announced a $750,000 investment in Cowrie through its Enterprise Fund, supporting the Nigeria-based fintech platform's expansion in emerging markets. Cowrie enables Nigerian diaspora to send remittances by converting funds to NGNT, a naira-backed stablecoin, which are transferred directly to recipients' local bank accounts. Since NGNT's 2018 launch, $27 million has traded on the platform. The investment comes amid regulatory challenges, as Nigeria's central bank recently banned local banks from servicing crypto firms, prompting Cowrie to suspend naira deposits and withdrawals. SDF CEO Denelle Dixon praised Cowrie's engagement with regulators and committed to supporting policy frameworks for blockchain technology in the region.