Clea, a Nigerian fintech startup, is expanding its stablecoin-powered dollar settlement service across the country to help importers access foreign currency amid a persistent dollar shortage, according to a report published on July 14.

The company’s platform uses stablecoins, typically pegged to the US dollar, to facilitate cross-border payments, bypassing traditional banking channels that have struggled to meet demand. Importers in Africa’s largest economy have long faced difficulties securing dollars for trade, a situation that has worsened under central bank foreign-exchange policies that have created a parallel market premium.

By offering settlements in stablecoins, Clea aims to provide a faster and more transparent alternative to the often opaque and costly informal currency markets. The expansion comes as Nigeria’s dollar shortage shows no sign of easing, with many businesses turning to digital currencies to keep trade flowing.

The move is part of a broader trend across Africa, where fintechs are increasingly adopting stablecoins to solve cross-border payment frictions. In a separate development, Flutterwave, the pan-African payments company, secured investment from Circle Ventures to expand USDC payments and settlement across the continent. Meanwhile, Accrue, another African fintech, launched a stablecoin-powered cross-border banking platform for businesses earlier this year.

Clea’s expansion underscores the growing role of blockchain-based solutions in addressing long-standing infrastructure gaps in African trade finance. Analysts say the technology could help reduce reliance on intermediary banks and lower transaction costs, though regulatory uncertainty remains a concern in many jurisdictions.