Africa Stablecoin Consortium

What Africa Stablecoin Consortium does

Africa Stablecoin Consortium (ASC) is a pan-African consortium body headquartered in Abuja, Nigeria, founded in 2022, that develops and operates cNGN (cNaira), described as Nigeria's first licensed and compliant Naira-pegged stablecoin. cNGN is pegged 1:1 to the Nigerian Naira and is fully backed 1:1 by Naira reserves held in accredited partner commercial banks, with daily publication of total assets and reserves and quarterly independent audits. The token is minted on the Bantu permissionless public blockchain and is interoperable with Binance Smart Chain and other major public blockchains through ASC's proprietary Automated Multi-chain Transfer Protocol (AMTP). cNGN is designed for cross-border payments and remittances, trade settlement, financial inclusion for underbanked populations, and daily transaction use by both businesses and individuals.

ASC operates as a consortium of financial institutions, fintechs, and blockchain technology companies — including WrappedCBDC (the creator of cNGN), Bantu (blockchain infrastructure), Interstellar, Convexity, DCC, and AlphaGeek — alongside regulatory engagements with the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) Nigeria, and the Nigerian Financial Intelligence Unit (NFIU). The consortium was selected in 2026 as one of six virtual asset service providers for the CBN's AML/CFT supervisory pilot program aligned with FATF Recommendations 15 and 16. ASC is positioned for pan-African expansion, with stated geographic focus on Nigeria, Ghana, Kenya, and Uganda.

The business model is a consortium-driven transaction fee structure: cNGN token usage is free for end-user transactions, with revenue derived from token creation (minting) when users deposit Naira and from redemption (burning) when users convert cNGN back to fiat Naira. Distribution occurs through the self-serve ASC portal for SMBs and individual consumers, through consortium member institutions for enterprise buyers, and across blockchain networks as an embedded token. No revenue, funding, or employee headcount beyond 1-10 is disclosed.

Name

Africa Stablecoin Consortium

Legal name

Africa Stablecoin Consortium

Website

https://asc.africa

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Africa Stablecoin Consortium (ASC) is a pan-African consortium that operates cNGN, Nigeria's first licensed Naira-pegged stablecoin, fully backed 1:1 by Naira reserves. It serves businesses, financial institutions, and individuals across Nigeria, Ghana, Kenya, and Uganda for cross-border payments, settlement, and financial inclusion.

Ownership category

akta.pro rank

Product category

Stablecoin and Digital Currency Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Stablecoin Issuers (Fiat-Backed) (FSADADAA)

akta.pro secondary industries

Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Stablecoin Payment Rails & Settlement Networks (Issuer-Led) (FSADADAF), Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB), Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)

Keywords

• Stablecoin issuance
• Blockchain payments
• Digital currency infrastructure
• Cross-border remittances
• Tokenized fiat currency

Headquarters

HQ city

Abuja

HQ country

Nigeria

HQ region

Africa

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. cNGN Token Transaction Fees: Fees generated from cNGN token creation when users deposit Naira, and redemption when users convert cNGN back to fiat Naira. Token burning occurs upon redemption for fiat currency.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Africa Stablecoin Consortium operates and governs the cNGN stablecoin, a blockchain-based Naira-pegged digital currency positioned as Nigeria's first licensed Naira stablecoin, enabling tokenized payments, cross-border transfers, and on-chain settlement through its Automated Multi-chain Transfer Protocol (AMTP). The consortium provides licensed banks, fintechs, and partner institutions with shared issuance, custody, redemption, and multi-chain interoperability infrastructure for digital Naira transactions.

Product overview

Africa Stablecoin Consortium (ASC) is a pan-African consortium body dedicated to driving stablecoin adoption across the continent. The primary product is cNGN (cNaira), Nigeria's first licensed Naira stablecoin pegged 1:1 to the Nigerian Naira, fully backed by reserves. cNGN operates across multiple blockchain networks via the Automated Multi-chain Transfer Protocol (AMTP), providing interoperability between Bantu and Binance Smart Chain. The consortium brings together financial institutions, fintech innovators, and blockchain experts to transform Africa's financial landscape through secure and compliant virtual assets.

Differentiator

Problem solved

Functional benefit

Brands

• cNGN (cNaira): Nigeria's first licensed and compliant Naira stablecoin, pegged 1:1 to the Nigerian Naira and fully backed 1:1 by ASC's reserves.

Products and services

• cNGN Stablecoin
• Automated Multi-chain Transfer Protocol (AMTP)

Quantifiable outcome

• 100% reserve backing maintained through daily transparency records and quarterly independent audits
• +2 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature4 records

Partnerships

Ten partnerships are on record, tiered core.

• InterstellarcoreStrategic or Co-development PartnerMember company of Africa Stablecoin Consortium. Interstellar is a blockchain infrastructure company contributing to the consortium's mission of driving stablecoin adoption across Africa.
• ConvexitycoreStrategic or Co-development PartnerMember company of Africa Stablecoin Consortium. Convexity is a fintech company participating in the consortium's efforts to transform Africa's financial landscape.
• Digital Currency (DCC)coreStrategic or Co-development PartnerMember company of Africa Stablecoin Consortium. DCC (Digital Currency Collective) is an Africa-focused organization supporting digital currency adoption.
• AlphaGeekcoreStrategic or Co-development PartnerMember company of Africa Stablecoin Consortium. AlphaGeek is a Nigerian technology company contributing to the consortium's blockchain and fintech initiatives.
• BantucoreTechnology or IntegrationCore blockchain technology partner. cNGN is minted on Bantu permissionless public blockchain. Bantu provides the foundational blockchain infrastructure for the stablecoin.
• WrappedCBDCcoreStrategic or Co-development PartnerMember company and creator of cNGN (Nigeria's first licensed and compliant Naira stablecoin). WrappedCBDC is an integral member driving the stablecoin product within ASC.
• Central Bank of Nigeria (CBN)coreStrategic or Co-development PartnerPrimary regulatory partner. cNGN is compliant with regulatory requirements set by CBN. ASC selected for CBN's AML/CFT supervisory pilot program for virtual asset service providers.
• Securities and Exchange Commission (SEC) NigeriacoreStrategic or Co-development PartnerRegulatory partner ensuring compliance with securities regulations. cNGN is compliant with regulatory requirements and standards set by Nigerian SEC.
• Nigerian Financial Intelligence Unit (NFIU)coreStrategic or Co-development PartnerRegulatory partner for AML/CFT compliance. cNGN engages with NFIU to ensure compliance, consumer protection, and transparency.
• Partner Commercial BankscoreStrategic or Co-development PartnercNGN tokens are created when users deposit Naira to ASC reserve bank accounts held in partner commercial banks. Banks provide the fiat reserve backing for the stablecoin.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Yellow Card: Yellow Card is a leading African crypto exchange and payments platform operating across multiple African countries, including Nigeria. It addresses similar end-user use cases (crypto on/off-ramps, cross-border payments) and competes for the same consumer and merchant relationships in ASC's target markets.
• Bitnob: Bitnob is an Africa-focused Bitcoin and stablecoin payments platform serving individuals and businesses across multiple African countries. It addresses the same underbanked and remittance use cases as cNGN and competes for similar end-user segments across Nigeria and neighboring markets.
• Juicyway: Juicyway is an African fintech and VASP that operates cross-border payment solutions and was selected alongside ASC for the CBN AML/CFT pilot. It is a direct comparable in the Nigerian regulated crypto payments space and competes for the same remittance and B2B settlement flows.

Direct peers

• Circle: Circle issues USDC, one of the largest fiat-backed stablecoins globally, and operates regulated reserve management and multi-chain deployment. Circle and ASC share the same fundamental model of fully reserved fiat-backed tokens with regulatory compliance emphasis and multi-chain availability, making USDC the most relevant benchmark for cNGN's design.
• Paxos: Paxos is a regulated blockchain infrastructure firm that issues multiple fiat-backed stablecoins (USDP, PYUSD for PayPal) and provides tokenization services. Its regulated issuance model, reserve attestation discipline, and enterprise-grade API platform closely mirror ASC's positioning as a compliance-first fiat-backed issuer.
• Tether: Tether (issuer of USDT) is the largest fiat-backed stablecoin issuer globally. While USDT is USD-pegged rather than NGN-pegged, both firms operate the same core business model — issuing fiat-backed tokens with reserve attestations and capturing transaction economics — and compete for the same crypto settlement and remittance use cases across African markets.
• WrappedCBDC: WrappedCBDC is the creator of the cNGN token and a core member of ASC. As the underlying stablecoin product owner, it is the most direct peer — both organizations jointly define cNGN's economics, distribution, and regulatory positioning within the Nigerian market.

Emerging players

• Ondo Finance: Ondo Finance provides tokenized money-market products and stablecoin-like USDY, and is expanding into tokenized real-world assets. Its focus on regulated, yield-bearing tokenized money parallels ASC's institutional, reserve-backed approach to digital currency, and both target enterprise and treasury use cases.
• Stably: Stably issues fiat-backed stablecoins (e.g., a Singapore Dollar stablecoin) and provides tokenization infrastructure. Its multi-currency stablecoin focus parallels ASC's ambition to expand beyond a single African currency and makes it a relevant comparable for ASC's cross-jurisdictional roadmap.

Broad incumbents

• Celo: Celo is a mobile-first Layer 1 blockchain with native stablecoins (cUSD, cEUR) focused on financial inclusion and emerging market payments. Celo's cREAL-style approach to local-currency digital money and African developer ecosystem overlap significantly with cNGN's value proposition.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/AS_Consortium
• Facebookfacebook.com/africastablecoinconsortium
• LinkedInlinkedin.com/company/africastablecoinconsortium

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Africa Stablecoin Consortium