Ololade Adeyanju/
A Russian-backed cryptocurrency payments network under Western sanctions has extended its footprint to Nigeria, in what analysts describe as a strategic move to sustain international trade flows and reduce reliance on the global financial system dominated by the United States and its allies.
The platform, known as A7, is linked to sanctioned Russian defence sector lender, Promsvyazbank and fugitive Moldovan businessman, Ilan Șor.
It is designed to facilitate cross-border transactions using alternative instruments such as stablecoins and non-traditional settlement mechanisms, allowing Russian entities to bypass restrictions imposed after the invasion of Ukraine.
Nigeria has emerged as a key entry point for the initiative in Africa.
Videos circulating on social media last year showed the launch of an A7-branded office in Lagos, suggesting an attempt to establish operational presence in one of the continent’s largest financial and commercial hubs.
Although Nigerian authorities have not formally confirmed any partnership, the minister of finance acknowledged that an event linked to the platform may have taken place.
The expansion into Nigeria reflects Moscow’s broader effort to build parallel financial systems after being cut off from the SWIFT interbank messaging network and facing sweeping sanctions on its banking sector.
Russian officials have repeatedly emphasised the need for alternative settlement channels, particularly with trading partners in Africa.
Speaking at a Russia-Africa forum in Cairo, Foreign Minister, Sergei Lavrov, said a significant portion of Russia’s trade with African countries is now conducted in roubles, underscoring a shift away from dollar-based transactions.
He described A7 as a key component of a new financial architecture and identified Nigeria among early participants, alongside Zimbabwe. Despite these claims, the actual scale of A7’s operations in Nigeria remains unclear.
Investigations by independent researchers indicate that the platform has little visible footprint in the country’s cryptocurrency ecosystem, and several industry participants say they are unaware of active transactions linked to it.
Even so, analysts say Nigeria’s inclusion is significant. As Africa’s largest economy and a major player in digital finance adoption, the country offers both market size and technological readiness for alternative payment systems.
Its growing use of cryptocurrencies, driven partly by foreign exchange constraints and cross-border trade needs, makes it an attractive environment for such initiatives.
Other African countries appear to play a supporting role in the network’s expansion. Zimbabwe has been cited by Russian officials as another early participant, likely due to its longstanding currency challenges and openness to non-traditional financial solutions.
In West Africa, a recruitment drive linked to the platform has targeted Togo, although there is no confirmed operational presence there.
Beyond payments, the expansion aligns with Russia’s increasing political and economic engagement across the continent. In recent years, Moscow has strengthened ties with several African governments through military cooperation, resource agreements and trade deals, particularly in countries seeking alternatives to Western partnerships.
Experts caution that while alternative payment systems may offer short-term flexibility for sanctioned economies, their long-term viability remains uncertain.
Questions persist around transparency, regulatory compliance and the willingness of African governments and businesses to adopt systems tied to sanctioned entities.
For Nigeria, the development raises broader questions about financial sovereignty, regulatory oversight and exposure to geopolitical risks.
While the country continues to deepen its digital economy and explore cross-border payment solutions, any association with саutioned financial networks could attract scrutiny from Western partners.
For now, A7’s presence in Nigeria appears limited to early-stage positioning. However, its arrival signals a growing contest over the future of global payments, with Africa, and Nigeria in particular, increasingly at the centre of that shift.
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