MONICA.CASH ADVOCATES DIGITAL DOLLAR RULES IN NIGERIA

Monica.Cash, a leading fintech platform, has called for the establishment of clear regulatory frameworks for digital dollar transactions in Nigeria to promote financial inclusion, curb illicit activities, and support the growth of the digital economy.

The Chief Executive Officer of Monica.Cash, Ms. Adesuwa Omonuwa, made the call during a stakeholders’ roundtable in Lagos on Friday. She emphasised the need for structured guidelines that balance innovation with risk management in the use of stablecoins and digital dollar products by Nigerian users.

“Digital dollars are becoming an important part of everyday transactions for many Nigerians. We need clear rules that protect consumers, ensure transparency, and allow responsible innovation to thrive,” Omonuwa stated.

The fintech executive highlighted how digital dollar solutions have helped many Nigerians hedge against naira volatility and facilitate cross-border payments. However, she noted that the absence of comprehensive regulations exposes users to risks and limits the potential of the sector.

Monica.Cash has been at the forefront of providing dollar-linked digital payment solutions and has recorded significant growth in user base and transaction volume over the past year. The company pledged to work closely with regulators to develop practical and effective guidelines for the industry.

Representatives of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) who attended the roundtable acknowledged the importance of the conversation. They assured stakeholders that work is ongoing to create an enabling environment for digital assets while safeguarding the integrity of the financial system.

Financial experts at the event supported the call for digital dollar rules, noting that proper regulation could help attract more investment into Nigeria’s fintech ecosystem and reduce the reliance on unregulated channels.

As Nigeria continues to explore the role of digital currencies in its economy, the advocacy by Monica.Cash is seen as a timely contribution to shaping policies that will drive sustainable growth in the digital finance space.