Crypto and Fintech Are Colliding. Who Wins, and How? - Ep. 856

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Jun 24, 2025

Elizabeth Rossiello, CEO and founder of AZA Finance, has a wealth of experience navigating the fintech landscape in Africa. She discusses how stablecoins are revolutionizing cross-border commerce and why many new entrants struggle to gain traction. Elizabeth highlights that liquidity, rather than technology, will be key to success in this evolving market. She also shares the remarkable journey of AZA from a Nairobi Bitcoin exchange to a significant player in fintech, reflecting on the transformative power of mobile money and crypto in the region.

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ANECDOTE

Founding Africa's First Bitcoin Exchange

Elizabeth Rossiello founded BitPesa, the first Bitcoin exchange in Africa, connecting directly to mobile money.
Early crypto adoption involved key figures and was highly community-driven in Nairobi's tech hub.

INSIGHT

Stablecoins Changed African Crypto Usage

Stablecoins overtook Bitcoin and ETH as the dominant crypto volume in African markets.
Their 24/7 settlement capability suits the continuous trade and weekend activities in Africa.

INSIGHT

Post-COVID Crypto Boom in Africa

Crypto adoption in Africa exploded post-COVID with many startups and fintechs embracing crypto.
Nigerian banks are increasingly interested in integrating crypto despite regulatory ambiguities.

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Cross-border payments. Mobile money. Stablecoins. Crypto.

Elizabeth Rossiello has lived through every cycle, not from a trading desk, but the front lines of African markets.

Now, the founder of AZA Finance is selling her company to global fintech giant dLocal, a signal that the line between crypto and traditional finance is blurring fast.

In this episode, she talks about:

How stablecoins are powering 24/7 commerce in emerging markets
Why new entrants keep failing to gain traction
And how liquidity, not tech, will determine who wins this new game

All that, plus the inside story of AZA’s journey from a Nairobi-based Bitcoin exchange to one of the most important fintech players in Africa.

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Elizabeth Rossiello, CEO and Founder of AZA Finance

Previous appearance on Unchained: BitPesa's Elizabeth Rossiello on Necker Island

Links

dLocal announces intention to acquire AZA Finance to strengthen

AZA Finance: dLocal announces intention to acquire AZA Finance to strengthen presence in Africa and expand capabilities

Bloomberg: Uruguay’s DLocal to Buy AZA Finance in Africa Push

American Banker: What experienced payment execs can pass to a new generation

The Startup Leap: Building A Remittance App for Africa’s $1tr Market | Elizabeth Rossiello | Aza Finance
Jack Zhang of Airwallex tweet saying he doesn’t see “a single use case” for crypto

Timestamps:

🎬0:00 Intro
🌍 3:30 What Africa’s early payments scene looked like and how Elizabeth launched the first Bitcoin exchange there
📲 10:54 How the continent’s payment rails evolved
🔥 16:15 How Western Union dropped its pricing after her company launched
💸 20:42 Why stablecoins became a game-changer for cross-border payments
📊 25:24 What the real volume drivers are
🌐 28:53 How crypto adoption in Africa shifted post-COVID
🤝 37:00 Why AZA decided to acquire two companies
⚠️ 38:46 How the FTX partnership hurt AZA
💼 41:37 How the dLocal deal came together behind the scenes
🔄 45:08 Why crypto and fintech are on a fast path to convergence
🏁 50:58 Which players Elizabeth thinks will win in the new payments race
📵 53:47 Why “mobile money” is still tough competition for crypto
💥 56:48 How USDT has an edge in emerging markets
🇨🇳 58:50 How China’s deep ties to Africa have shaped the game
🚀 1:01:37 What it’s been like to build AZA as a young woman founder in crypto

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