Stabyl emerges from stealth with $2.7 million for Africa's FX infrastructure

Prince Nnamdi Ekeh, co-CEO of Konga Group, knows firsthand the challenges of payments and foreign exchange in Africa. His conversation with Zachary Schwartzman, MBA student at the University of Oxford, sparked an idea that would eventually become a startup. Years later, Ekeh, Schwartzman, and Michael Anyi, a software engineer with over a decade of experience, co-founded Stablyl, a fintech startup with a $2.7 million pre-seed investment led by Konga.

The Central Bank of Nigeria's monthly economic report revealed a staggering net foreign exchange inflow into Nigeria's economy of $6.92 billion in February 2026. Yet, the infrastructure through which that liquidity moves is fragmented, with payment service providers, banks, and large institutions relying on multiple relationships to source foreign exchange. Stablyl's solution aims to connect these participants on one platform, creating the deepest and most accessible liquidity pool on the continent, as Schwartzman noted. This isn't a new problem; it's been a persistent one, with market players like Konga facing difficulties in sourcing foreign exchange at favourable rates.

Stablyl is neither a consumer-facing app nor a cross-border payments platform. Instead, it focuses on the point where financial institutions source foreign exchange before a payment can be made. Ekeh explained the process using Konga as an example: the e-commerce company's treasury team reaches out to multiple banks, payment service providers, and liquidity providers to compare rates and source liquidity. By the time approvals are received and counterparties respond, market prices may already have shifted, forcing the process to begin again or settle at a less favourable rate. This is where Stablyl comes in, to replace those fragmented relationships with a single, unified platform.

With a $2.7 million pre-seed investment, Stablyl is well-positioned to tackle the African FX infrastructure challenge. The startup's co-founders bring a wealth of experience in fintech and financial infrastructure to the table. Schwartzman's background as a Wall Street analyst covering African tech IPOs and Ekeh's experience as co-CEO of Konga Group give them a unique understanding of the market's needs. As Stablyl emerges from stealth, it's clear that the startup has its work cut out for it, but with the right approach, it may just revolutionize the way financial institutions source foreign exchange in Africa.

While Stablyl has made a promising start, the challenges ahead are significant. The startup will need to navigate a complex landscape of regulators, financial institutions, and payment service providers to achieve its goal of creating the deepest and most accessible liquidity pool on the continent. Nevertheless, with a solid understanding of the problems facing the market and a well-funded approach, Stablyl is well-positioned to make a meaningful impact. As the African FX infrastructure continues to evolve, one thing is certain, Stablyl will be a key player in shaping its future.

In the end, Africa's FX infrastructure needs a solution that's as seamless as it is accessible. With Stablyl's emergence from stealth, the continent may finally have the tools it needs to unlock truly efficient foreign exchange transactions.