SFx Money App Processed $6.5M On-Chain, and Nigeria Drove ~60% of the Flow

Key Takeaways

• SFx Money App has processed approximately $11 million in total payment volume since launch.
• Around $6.5 million of that volume settled directly on-chain across more than 76,000 transactions.
• Nigeria accounts for roughly 60% of platform volume, making it SFx Money’s dominant market.
• Despite a seven-week outage due to an AWS regional failure, transaction activity quickly recovered after service was restored.
• The data suggest that stablecoins are increasingly functioning as real payment infrastructure rather than as speculative assets.

SFx Money App, a blockchain-powered platform, processed approximately $11 million in total payment volume between March 2025 and June 2026. With roughly $6.5 million settling directly on blockchain rails across 76,749 transactions, these figures tell the story of a growing fintech company. 

What the data also reveals, on a deeper level, is a real-world snapshot of how stablecoins are used across Africa today. And this is arguably the most important aspect of the story. 

While much of the crypto and blockchain industry’s attention remains fixed on token prices and market cycles, SFx’s latest on-chain transaction report offers a different perspective. It provides a rare look at what happens when stablecoins move beyond trading and become part of everyday financial activity.

According to the data, stablecoins are increasingly serving as payment infrastructure and facilitating remittances across multiple African markets, especially Nigeria. For an industry that has spent years searching for practical use cases, this might be the most significant takeaway.

SFx Money App’s Latest Numbers Tell a Bigger Story

According to the report shared with Crypto Africa News, SFx Money App grew from 770 users to 8,600 users within roughly a year while processing around $11 million in total payment volume. 

Nearly $6.5 million of that activity settled on-chain across seven blockchain networks. The company also recorded a 96.3% quarter-on-quarter increase in volume between Q4 2025 and Q1 2026, rising from approximately $2.4 million to $4.7 million.

These are relatively modest figures compared to global payment giants. Yet the report’s importance lies less in the absolute volume and more in what the transactions represent.

Unlike many brands’ growth stories driven primarily by speculation, the SFx data points to a platform facilitating actual money movement. Two-thirds of all recorded blockchain transactions were outbound transactions, meaning users were actively sending, spending, withdrawing, and settling funds rather than simply accumulating digital assets. 

In the global remittance game, usage often matters more than volume. 

The Evolution of SFx Money

The report also arrives after a significant period of product expansion for SFx. 

Earlier this year, the company introduced Nigerian naira accounts, allowing users to move more easily between local banking infrastructure and stablecoin-based payment rails. 

The launch reduced a major friction point that has historically slowed crypto payment adoption: the need to convert between fiat currencies and digital assets.

The company later faced a much larger challenge.

In April 2026, an outage at an AWS facility disrupted SFx’s services for approximately seven weeks. The incident temporarily halted user access and transaction activity, forcing the company to undertake a major infrastructure recovery and system upgrade before relaunching in May. 

Despite the temporary setback, the SFx team recovered rapidly within weeks and proved that reliability was its core principle. 

SFx Money Promotes Stablecoins as Everyday Financial Infrastructure

Perhaps the most important finding from the report is not the $6.5 million volume figure. It is how users are generating that volume.

The data show stablecoins supporting activities that closely resemble traditional payment services rather than speculative crypto trading. Users are topping up accounts, spending via payment cards, sending remittances, paying tuition fees, settling utility bills, and conducting business transactions.

The average transaction values reinforce this point. 

Card spending averaged around $55 per transaction, remittances averaged approximately $47, while transfer activities averaged nearly $70. These are not the transaction patterns typically associated with crypto traders. They are the financial behavior of migrants, students, freelancers, and small businesses managing everyday expenses.

In many ways, the usage profile looks closer to mobile money than traditional cryptocurrency markets.

This distinction matters because it reflects a broader shift taking place across emerging markets. Increasingly, users appear less interested in crypto as an investment product and more interested in stablecoins as a utility layer for moving value. 

Nigeria’s Stablecoin Economy Is Already Here

The report identifies Nigeria as SFx Money’s dominant market, accounting for approximately 60% of the platform’s total volume. Together with Malawi and Kenya, Nigeria forms the core of the company’s payment corridors, but its contribution significantly outweighs that of the other markets. 

This dominance aligns with wider industry trends.

According to Chainalysis, Sub-Saharan Africa received more than $205 billion in on-chain crypto value between July 2024 and June 2025, making it the world’s third-fastest-growing crypto region. Much of that activity has been concentrated in Nigeria, where stablecoins have increasingly become a practical tool for savings, payments, and cross-border transfers.

Several factors help explain Nigeria’s position.

Foreign exchange volatility has increased demand for dollar-denominated assets. Cross-border traders regularly face payment frictions. Remittance costs remain among the highest globally. Meanwhile, Nigeria already possesses one of the world’s most active grassroots crypto communities.

Recent IMF observations further support this trend, noting that Nigerians are increasingly turning to stablecoins for faster and cheaper international transfers. The country reportedly accounts for a significant share of stablecoin activity across Sub-Saharan Africa.

Thanks to the SFx Money’s report and recent trends, the implication is simple. Stablecoin adoption in Nigeria is no longer speculation; it’s already happening. 

Why Polygon and USDC Won 

The report also reveals which infrastructure choices users prefer when given options. 

Polygon (MATIC) processed 70,802 transactions, accounting for the overwhelming majority of blockchain activity on the platform. Solana ranked a distant second with 3,598 transactions.

Meanwhile, USDC emerged as the dominant settlement asset, facilitating roughly $4.78 million in transaction volume across more than 59,000 transactions. 

This concentration is not particularly surprising.

For users sending remittances or paying bills, blockchain branding matters far less than transaction costs and reliability. Polygon offers low fees and relatively fast settlement, making it well-suited for frequent, low-value payments. 

USDC provides dollar stability, regulatory credibility, and deep liquidity, attributes that become increasingly important when users are storing value or making international payments.

The lesson is simple: consumers rarely care about chains or blockchain networks. They care about convenience, speed, and cost.

The AWS Outage Revealed Something Important

One of the most revealing sections of the report is not about growth at all.

It is about bouncing back from setbacks.

The seven-week AWS-related outage led to a near-total collapse of transaction activity, creating the only major interruption in an otherwise upward growth trajectory. 

Both inbound and outbound transaction volumes declined simultaneously, reflecting a platform-wide disruption rather than a drop in customer demand.

What happened afterward may be more important.

Transaction activity began to recover almost immediately after service restoration in May 2026 and returned to previous levels within weeks.

This recovery suggests that users were not engaging with SFx Money because of market hype or promotional campaigns. They returned because they needed the service.

In startup terms, that is often one of the clearest indicators of product-market fit.

What This Says About Africa’s Stablecoin Market

When you viewed it in isolation, SFx Money’s numbers are simply company metrics. But when you add context, they support a broader trend emerging across African fintech. 

Stablecoins are increasingly being integrated into payment networks, remittance systems, treasury operations, and business settlement infrastructure. Flutterwave partnered with Ripple and Tempo to expand stablecoin payments across Africa. 

Paga and Crossmint partnered to drive stablecoin adoption and connect African businesses and customers directly to global networks. 

At the same time, regulators across the continent are gradually shifting from debating whether crypto should exist toward determining how it should be governed. Nigeria, South Africa, Kenya, and other markets are increasingly focusing on licensing frameworks, compliance requirements, and oversight of stablecoin.

The result is a growing body of evidence that stablecoins have already achieved product-market fit in several African payment corridors. All that’s left is scaling it. 

Why This Report Matters

One of the biggest unanswered questions in African crypto has always been simple:

What are stablecoins actually being used for?

SFx Money’s report offers a practical answer.

They are used for remittances, tuition payments, grocery shopping, paying utility bills, managing cross-border commerce, and moving money between countries, businesses, and families.

The report does not prove that stablecoins will replace traditional financial systems. It does, however, suggest something more realistic and perhaps more significant. SFx Money’s report proves that stablecoins are becoming another layer within Africa’s financial infrastructure stack.

And unlike many crypto narratives, that conclusion is backed by actual transactions, real users, and solid data.