Nigeria's First SEC-Licensed Exchange, Quidax, Expands Stablecoin Infrastructure to Over 21 Countries
Lagos, Nigeria – Quidax, the first digital assets exchange to receive a provisional licence from Nigeria’s Securities and Exchange Commission (SEC), has announced the expansion of its stablecoin infrastructure to over 21 countries and 14 currencies. The move enables startups, fintechs, and global enterprises to move value across Africa and key international markets more efficiently.
Africa loses an estimated $5 billion annually to cross-border payment fees and inefficiencies. For example, a payment from Ghana to South Africa through traditional channels is routed via a correspondent bank in Europe, taking up to 7 days and costing up to 13% of the transaction value—more than double the global average of 6%.
Quidax addresses this by settling cross-border payments in under 48 hours without a correspondent bank, at a cost below the global average and in line with the G20 and UN Sustainable Development Goal target of 5%.
“Africa is home to the world’s fastest-growing economies, yet individuals and businesses pay an ‘African border levy’ every time they move money across the continent,” said Buchi Okoro, CEO and Co-Founder of Quidax. “Our compliance-first stablecoin infrastructure was created to remove that levy and bring us closer to a world with zero financial borders.”
The infrastructure supports key African markets including Nigeria, Ghana, Kenya, Tanzania, Rwanda, South Africa, Ethiopia, Cameroon, and Côte d’Ivoire. It extends beyond Africa to Canada, China, the United Arab Emirates, the United Kingdom, the USA, and several European countries. The rails support USDT, XAUT, USAT, and other leading stablecoins, along with 14 local and international currencies including Naira, Cedi, CFA francs, and the US Dollar.
Quidax powers more than 5,000 startups and enterprises across payments, remittance, gaming, and banking. It counts Tether, the world’s largest stablecoin issuer, and Chainalysis, a leader in blockchain compliance, among its partners. The company continues to expand its licensing footprint across strategic markets.