Nairobi’s blockchain and fintech ecosystem converged at the fourth edition of the Kenya Blockchain and Crypto Conference (KBCC), where one message stood out from industry leaders: stablecoins could reshape cross-border payments in Africa, but regulation must balance innovation with compliance.
Held under the theme “Stablecoins, Payments and the Digital Economy in Africa,” the conference brought together regulators, banks, fintech firms, blockchain startups and payment providers to explore how digital assets can address inefficiencies in remittances and international trade.
According to event organiser Sheila Waswa, discussions focused heavily on the practical role of stablecoins in lowering the cost and delays associated with moving money across borders.
“One of the issues we’ve been grappling with, especially as far as cross-border payments are concerned, is how expensive, unreliable and slow it is to move money. Sometimes it can take up to two weeks,” she said. “That is what we hope stablecoins can solve.”
Industry executives at the conference argued that blockchain-based payment systems are already proving effective for businesses operating across multiple markets.
Apollo Sande, Kenya country manager for Luno, said stablecoins are increasingly being used for remittances, treasury management and international settlements, although adoption remains at an early stage.
“As far as cross-border payments are concerned, we’ve always depended on systems with multiple hops that take fees along the way and settle after two to three days,” Sande said. “Stablecoins can address that, but there’s still a significant knowledge gap and provider competence gap.”
He noted that many businesses, particularly manufacturers and importers, are still unfamiliar with how blockchain-based payment systems can be integrated into their operations in a compliant manner.
Similarly, a financial technology expert Kevin Kegima described stablecoins as “the next level” in improving payment efficiency for SMEs and large enterprises operating across Africa, Asia, Europe and the United States.
The conference also highlighted Kenya’s ambition to position itself as a continental hub for blockchain innovation.
CEO of the Nairobi International Financial Centre Authority Daniel Mainda said the government is finalising regulations for virtual asset service providers in collaboration with the Central Bank of Kenya and the Capital Markets Authority.
“We want Nairobi to become the home of technology and startups on the continent,” Mainda said. “The regulations must create a level playing field while ensuring we attract the best players into the market.”
Stakeholders at the conference expressed optimism that clear regulation, combined with stronger industry collaboration, could accelerate mainstream adoption of blockchain-based payments across Africa.