SFx Money App Adds NGN Accounts, Expanding Beyond Stablecoin Payments
SFx Money App now lets users create personal Naira accounts and access local banking services directly within the platform.
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What To Know:
- SFx Money App has launched personal Naira (NGN) accounts that users can create directly within the app.
- Accounts are issued in the user’s own name, eliminating the need to rely on friends or relatives to receive payments.
- Eligible users may also obtain a BVN as part of the onboarding process.
- The launch expands SFx’s offering beyond stablecoin-based payments and follows the rollout of USD, GBP, and EUR accounts.
SFx Money App has launched personal Naira (NGN) accounts, allowing users to open a Nigerian bank account in their own name directly through the platform. The move expands SFx’s offering beyond stablecoin payments. It could be a part of a move to become a full-service financial platform for Nigerians at home and abroad.
Expansion of SFx’s Digital Banking Infrastructure.
Users can now create a personal NGN account in minutes within the app. Unlike workarounds in which people rely on informal systems, such as using a relative’s account to receive local payments, the new accounts provide direct ownership and control because they are in the user’s name.
Users familiar with account creation steps in Nigeria will also be familiar with the country’s Bank Verification Number (BVN) system. Where required, eligible users may also obtain a Bank Verification Number (BVN) through the onboarding process.
This is important as the BVN remains the gateway to most formal financial services in Nigeria, and access to one through the app could meaningfully expand what users can do within the local banking system.
The NGN launch follows SFx’s earlier rollout of USD, GBP, and EUR accounts in January 2026, extending the platform’s multi-currency infrastructure.
Why It Matters for Nigerians Abroad
Many Nigerians in the diaspora have either had their local bank accounts go dormant or rely on their new foreign accounts to conduct business in Nigeria.
Receiving money in Nigeria, getting paid by local clients, or managing family finances from abroad often means increased cost or, as previously mentioned, dependence on third-party accounts. These arrangements are either expensive or introduce unnecessary risk and a lack of financial independence.
A functional NGN account on a platform that supports stablecoin payments, as well as USD, EUR, and GBP accounts, could help eliminate some of that risk and consolidate transactions on a single platform.
In 2024, formal remittance inflows reached $5 billion according to data from the Central Bank of Nigeria. Nigeria’s diaspora remittance is enormous. The country is the largest recipient of remittances in Sub-Saharan Africa and accounts for more than 35% of the region’s total flows.
Between 2018 and 2025, annual remittance inflows have stabilised at over $20 billion. In some years, this is more than direct foreign income; in others, it rivals oil earnings in net FX contribution.
The flow of money that reflects deep and ongoing financial ties between Nigerians abroad and their home country. That scale makes access to local banking infrastructure increasingly important.
Whether it’s users supporting family, receiving freelance income, running Nigeria-based businesses, paying school fees, or building savings in Naira, money received will eventually be spent via a Naira account.
From Stablecoins to Full-Service Banking
SFx originally built its platform around stablecoin-powered transfers, using USDC and USDT as the rails for cross-border payments. The NGN account launch represents a meaningful evolution of that model. Crypto infrastructure serves as the backbone for broader banking services rather than a standalone product.
This is not an isolated trend. Across African fintech, companies that started with remittances or crypto payments are expanding into digital banking.
Will the next generation of African neobanks be built by traditional fintech companies growing into new markets, or by stablecoin-native platforms that already have global user bases and can layer local banking on top? SFx is making a clear bet on the latter.
Platforms that combine lower-cost digital transfers with local account access are well-positioned to capture users frustrated by those fees.
For diaspora communities that often fall between the coverage of local and international banks, this combination fills a genuine gap.
SFX has not disclosed adoption figures for the NGN accounts since launch. Eligibility requirements and supported countries for full onboarding, including BVN issuance, should be confirmed directly on the platform for users considering signing up.
