In January 2026, Nigeria's payment landscape witnessed a notable shift as traditional payment systems struggled to meet user demands. With increasing reliance on digital transactions, issues such as account locks and failed verifications have raised concerns among users of platforms like Apple Pay and PayPal. According to the results published in the material, these challenges highlight the urgent need for more robust and reliable payment solutions in the region.
Challenges with International Payment Services in Nigeria
Reports from Nigerian users indicate that many have faced significant hurdles when attempting to use these international payment services. Account locks and verification failures have become common complaints, highlighting the challenges these platforms face in adapting to the local market's needs.
Growing Preference for Stablecoins
As a result, there has been a growing preference for stablecoins, particularly USDT, among Nigerian consumers. This trend underscores a broader shift towards more reliable and accessible payment solutions as users seek alternatives that can better accommodate their financial transactions in a rapidly evolving digital economy.
Recently, the USD1 stablecoin has achieved a significant milestone by surpassing a $5 billion market cap, contrasting with the challenges faced by traditional payment systems in Nigeria. For more details, see USD1 milestone.
