Tether, the world’s largest stablecoin issuer, and Nuzo, Africa’s leading local currency stablecoin platform, have announced a partnership to enable one million African small and medium-sized businesses (SMBs) to access blockchain-based financial services.
With an annual profit of $13 billion, Tether is among the most profitable private companies globally, with earnings comparable to those of major financial institutions like Goldman Sachs. In 2024, Tether issued over $45 billion in its USDT stablecoin, with $23 billion issued in the fourth quarter alone.
Nuzo is the developer of the Nuzo Wallet app, which enables over 200,000 businesses and consumers in Kenya, Tanzania, Uganda, and Nigeria to pay, save, and earn with cryptocurrency. The wallet is easier to use than other major cryptocurrency platforms, designed to mirror popular mobile money apps like Kenya’s M-PESA, with simple six-digit Nuzo Till Numbers used for completing payments.
Nuzo has grown its adoption across Africa by focusing on the micro-retailer segment—referred to as dukas in Kenya, Tanzania, Uganda, and elsewhere in East Africa, spazas in South Africa, or kiosks in Nigeria. Micro-retailers install a Nuzo Till sign and earn rewards as they refer their customers to Nuzo Wallet. These rewards can be exchanged for goods at the business or for Tether’s USDT stablecoin.
Youth have also played a major role in fostering adoption of the Nuzo platform, with many university students opting to earn extra cash by promoting the use of Nuzo amongst their peers and local businesses. This grassroots approach has helped Nuzo penetrate markets where traditional financial services often fall short, offering a seamless bridge between digital currencies and everyday commerce. Appealing to the youth segment, Nuzo Wallet recently introduced play-to-earn functionality, allowing users to play popular games and earn cryptocurrency rewards in a fun and interactive Way.
The new partnership between Tether and Nuzo aims to scale up the Nuzo model across the African continent. By combining Tether’s global reach and financial firepower with Nuzo’s localized expertise and user-friendly technology, the duo plans to onboard one million African SMBs to blockchain-based financial services within the next two years.
The initiative will focus on increasing access to stablecoin-powered payments, savings, and cross-border transactions—tools that promise to unlock new growth opportunities in a region where traditional banking infrastructure remains limited.
“This collaboration represents a significant step toward financial inclusion in Africa,” said George Mosomi, a Tether Africa spokesperson. “By leveraging USDT’s stability and Nuzo’s innovative approach, we’re empowering small businesses to participate in the global digital economy like never before.”
Nuzo’s leadership echoed this sentiment, emphasizing the transformative potential for micro-retailers. “Our goal is to make cryptocurrency as simple and accessible as mobile money,” said Charles Nichols, Founder & CEO of Nuzo. “With Tether’s support, we can bring the benefits of blockchain technology—lower costs, faster transactions, and greater security—to millions of entrepreneurs across the continent.”
The partnership will also include educational campaigns and incentives to encourage adoption, building on Nuzo’s existing reward system. Micro-retailers and young promoters will receive training on how to use stablecoins for their day-to-day operations, while Tether will provide liquidity—further bolstered by Nuzo’s partnership with Lisk—to ensure seamless conversion between USDT and local currencies via the Nuzo Wallet.
Analysts see this move as a strategic play for Tether to expand its dominance in emerging markets, where stablecoins are increasingly viewed as a hedge against inflation and currency volatility. For Nuzo, the partnership offers a chance to accelerate its mission of digitizing Africa’s informal economy, which accounts for a significant portion of the continent’s GDP.
Follow us on WhatsApp, Telegram, Twitter, and Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to editorial@techtrendsmedia.co.ke
Be First to Comment