Stablecoins, in particular, are changing the norms of finance, with Nigeria ranked first worldwide in adoption. Against this backdrop, two homegrown exchanges, Roqqu and Quidax, are working to bolster local adoption.

Both Lagos-based, both Nigerian-founded, and both targeting millions of users, Roqqu and Quidax are enhancing how Nigerians trade, spend, and view digital assets. 

Nigeria’s crypto economy is projected to generate $2.4 billion in revenue by year-end 2025, despite regulatory tightening. The average revenue per user hovers around $87.40. Use cases are diverse, including trading, savings, remittances, merchant payments, and peer-to-peer transfers, especially in regions underserved by banks.

Most importantly, stablecoins are at the centre, with Nigerians now turning to USD-pegged tokens for cross-border payments, hedging against naira instability, and accessing scarce U.S. dollars. This is where Roqqu and Quidax are testing very different strategies. One is evangelising stablecoins for everyday Nigerians, the other embedding them into a formal, bank-linked ecosystem. Their focus, and growth models are very different.

Platform Foundations & User Experience

Roqqu, launched in 2019, handles over 100 cryptocurrencies, including BTC, ETH, USDT, and the regulator-approved cNGN stablecoin. It supports Naira, Dollars, Euros, Pounds, and Ghanaian Cedis, and has built its brand on grassroots engagement, think campus tours, community workshops, and offline activations in underserved towns. 

Its feeless cNGN transfers and integration with Base blockchain speak to a strategy rooted in accessibility and everyday use.

Quidax, established in 2018, takes a more fintech-inspired approach. With support for over 50 cryptocurrencies, the exchange prioritises seamless user experience. Naira deposits come via bank transfers, vouchers, or its own Quidax Pocket wallet. Features such as staking, interest-bearing wallets, and a crypto-linked virtual card make it feel familiar to users who already interact with banking-like financial tools.

Regulation & Legitimacy

Now a competitive edge, regulation clarity is becoming the deciding factor and when it comes to compliance, Quidax is ahead. In August 2024, it secured an Approval-in-Principle from Nigeria’s Securities and Exchange Commission (SEC). 

By 2025, it had regained direct access to the banking system, allowing fiat-crypto transactions to flow more easily. Quidax is now regarded as a model for compliant crypto operations in Nigeria.

Meanwhile, Roqqu is still awaiting its provisional SEC licence as of August 2025. However, the exchange has taken steps to align with regulators, including listing the SEC-approved cNGN stablecoin backed by regulators and minted across six blockchains. 

This means the exchange is in strong regulatory alignment while waiting for full regulatory clearance, which it shares with Quidax, Busha, and others. Roqqu is building trust at the grassroots.

Growth, Reach & Strategy

Roqqu claims 1.8 million users, including 600,000 daily actives. Its acquisition of Kenyan startup Flitaa in July 2025, with over 70,000 users, shows an expansion-focused strategy. 

With this, it aims to use cNGN to simplify remittances between Nigeria and Kenya and extend into East Africa. Meanwhile, its partnership with SiBAN, Nigeria’s self-regulatory blockchain body, lends legitimacy to its broader ecosystem-building efforts.

Quidax hasn’t announced regional M&A. Instead, it deepens trust and infrastructure at home and across borders through an OTC desk for compliant, high-liquidity business transactions and international settlement services. 

It also broadens its impact via leadership platforms, including a visionary appearance by its CEO at Consensus 2025, where he called for global collaboration to boost Africa’s crypto ecosystem.

Recent Headlines: What’s New?

• Roqqu listed the cNGN stablecoin, now circulated to the tune of ₦604 million ($395,000), as part of its wider campaign to push stablecoin use among everyday Nigerians.
• It welcomed Victor Osimhen, a Nigerian football star, as its ambassador, blending national pride with financial inclusion messaging.
• Quidax runs the Trade & Win Challenge, a gamified campaign to incentivise trading, now in its third week as of late August 2025.
• It is also partnering with educational and financial institutions, including SEC-led initiatives, to bring digital assets into mainstream consideration by banks and regulators.
• In addition, it adopted enterprise-grade security through Fireblocks, enhancing both its infrastructure and credibility.

Key Differentiators

Final Take

Roqqu is the disruptor—aggressive, community-led, and mobile-first, aiming to take finance to every corner of Nigeria and beyond. Quidax is the stabiliser—trusting compliance, clean fintech design, and institutional partnerships to consolidate crypto use inside established systems.

In 2025’s Nigeria, both have key play parts in play. Roqqu brings crypto to the streets, while Quidax brings crypto to the boardroom.

The move comes as stablecoins gain traction across Africa, where they are increasingly seen as tools for trade, remittances, and protection against currency instability.

The cNGN, launched in February by WrappedCBDC Ltd., is backed by reserves in commercial banks. It is regulated by the Securities and Exchange Commission (SEC) and minted across six blockchains, Asset Chain, Base, Bantu, Polygon, Ethereum, and Binance, allowing for cheaper transfers and broad network compatibility. 

So far, about ₦604 million ($395,000) worth of the token is in circulation, but retail uptake has been slower than expected.

Roqqu says it intends to change that by leveraging its strong presence in underserved areas. “We know our way when it comes to the grassroots market,” said Emmanuel Peter, head of Academy and Business Partnership at Roqqu. 

“A currency is not a thing if it’s not embraced by the people, and we know how to get to these people. This could be what the cNGN token has been missing—wider distribution.”

To reduce barriers, the exchange has announced that cNGN transactions will be feeless, although it will earn fees on fiat-to-stablecoin swaps. The token has already been integrated with Base, one of its supporting networks, as part of Roqqu’s rollout.

Beyond Nigeria, Roqqu is preparing to drive cNGN adoption across borders. In July, it acquired Flitaa, a Kenyan crypto startup with over 70,000 users and deep M-PESA integration. The acquisition strengthens its East African presence and also creates opportunities for cross-border payments between Nigeria and Kenya, with potential extensions into Uganda, Rwanda, and Tanzania.

CEO Benjamin Onomor confirmed that cNGN will be central to Roqqu’s long-term plans. “We have a lot of major plans for cNGN,” he said. “We want to unlock all the opportunities this [cNGN] stablecoin brings, including eventually providing users with low-interest loans and other financial services.”

Nigeria has already established itself as Africa’s leading stablecoin market, processing nearly $22 billion worth of transactions between July 2023 and June 2024. Stablecoins account for 43% of all crypto activity in Sub-Saharan Africa, fuelled by limited foreign exchange access, naira instability, and widespread distrust in traditional banking.

With cNGN now listed on Roqqu and backed by the Africa Stablecoin Consortium, a coalition of fintech and blockchain firms, the stablecoin is better positioned to move from regulatory approval to everyday use.

This enables Nigerian crypto users to gain exposure to leading MNCs via a blockchain-native interface, bypassing traditional channels. 

Bitget has also joined the Global Markets Alliance by Ondo Finance, a coalition of industry leaders working to standardise and promote interoperability for tokenised securities, driving the adoption of tokenised RWAs such as stocks, ETFs, and more.

Available through Bitget Onchain, Nigerians now have access to tokenised shares of leading U.S. companies, including Apple, Tesla, Amazon, and more. This user-first solution unlocks high-profile equity exposure, frictionlessly bridging crypto and global traditional finance. 

By joining Ondo’s Global Markets Alliance, Bitget joins other trusted infrastructure partners, exchanges, custodians, and DeFi platforms to unlock borderless access to high-quality financial products.

As part of this partnership, Nigerian traders will soon be able to access over 100 tokenised U.S. equities, ETFs, and money market funds, expanding their investment universe beyond traditional crypto assets.

Why it matters for Nigerian investors:

• Global access, local advantage: Invest with NGN using crypto-native methods—no forex hassles or brokerage mandates.
• 24/7 market availability: Trade anytime—no more waiting for international market hours.
• Lower entry barrier: Fractional access to top-tier equities with reduced transaction costs and full transparency on-chain.

“Tokenisation is the next frontier in finance allowing everyday investors in Nigeria to access Wall Street with ease,” said Gracy Chen, CEO of Bitget. “Our xStocks and Ondo integration marks a leap forward in giving Nigerians diversified, borderless asset exposure.”

These offerings align with Nigeria’s evolving crypto regulation framework from the SEC’s updated digital asset rules to increased clarity in transaction oversight ensuring Bitget’s commitment to compliance while delivering innovation. 

Next Steps for Nigerian Traders

1. Create or log in to your Bitget account.
2. Complete the KYC verification process.
3. Visit Bitget Onchain to explore tokenised U.S. equities.
4. Explore Ondo-backed assets to diversify into tokenised ETFs and money markets.

Entrepreneurs here don’t just contend with the market; they contend with the state itself. Sudden tax reforms, unpredictable import bans and contradictory regulations hit them; the environment is usually more like a minefield than a marketplace. 

The question is no longer whether you can compete with other businesses, but if you can survive policy shocks long enough to compete at all.

The Context & Stakes

The country’s business environment is high-potential but high-risk. Reforms are truly designed to improve revenue, regulate emerging industries, and boost infrastructure. But in practice, the unpredictability of these changes usually destabilises businesses before they can adapt.

With a tax-to-GDP ratio of just 9%, one of the lowest in Africa, the government is having challenges in widening the tax net. The Nigeria Tax Act 2025 introduced a 4% Development Levy on assessable profits, consolidating several existing levies. While aimed at simplifying compliance, such measures often arrive with little transition time, leaving businesses struggling to rework budgets overnight.

This is not a problem unique to big corporations, as small businesses, which form the backbone of Nigeria’s economy, face their own version of this challenge. Those with turnover under ₦100 million are exempt from Companies Income Tax, but exemptions exclude professional service firms, creating uneven relief and distorting competition.

When the rules change faster than you can adapt, even the most promising venture can collapse.

The Four Big Obstacles

a) Ever-Changing Tax Regimes

Tax changes here are not occasional; they’re constant. Beyond the new Development Levy, digital asset taxation is now law. Profits from crypto and virtual assets are taxable under the new framework, but enforcement is still tricky due to valuation gaps and anonymity challenges. 

The speed and frequency of such reforms mean businesses are perpetually in a state of adjustment, burning resources on compliance rather than growth.

b) Lack of Infrastructure

Nigeria’s infrastructure stock stands at just 30% of GDP, far below the World Bank’s benchmark of 70%. This gap, projected to reach $878 billion over the next 26 years, is the reason SMEs spend twice as much producing goods as their peers in better-served economies. 

Unreliable power forces reliance on generators. Overstretched ports and congested roads delay shipments. Even with 35 governors planning to spend ₦17.51 trillion on infrastructure this year (a 54% increase from 2024), execution is still not certain.

c) Regulatory Whiplash

Few sectors illustrate this better than crypto and fintech. In 2021, the CBN banned crypto transactions, but by 2023, the ban was reversed. Now, under the Investments and Securities Act 2025, crypto is recognised as a regulated digital asset under SEC jurisdiction. 

Fintech companies are caught between overlapping oversight from the CBN and SEC, creating compliance confusion that slows innovation and drives some startups underground.

d) Corruption & Rent-Seeking

The UNODC’s 2024 Nigeria Corruption Survey shows over 70% of Nigerians refused to pay a bribe at least once, a sign of commendable resistance. But corruption still ranks among the country’s top three challenges. 

From procurement to licensing, rent-seeking behaviour inflates costs and wastes time. Many entrepreneurs silently admit that bribes remain “the price of getting things done,” even when they affect trust in institutions.

Survival & Growth Strategies

• Diversify Revenue Streams: Relying on a single source of income is dangerous when a policy change can erase it overnight.
• Stay Policy-Aware: Join trade associations, attend policy briefings, and actively monitor regulatory developments. Being caught off-guard is expensive.
• Build Flexible Models: Design operations that can shift quickly, for example, businesses that can toggle between import and local sourcing depending on customs rules.
• Invest in Digital Agility: E-commerce, remote service delivery, and cloud-based operations can help bypass some infrastructure constraints.
• Collaborate for Scale: Partnerships reduce exposure. Shared logistics, pooled procurement, or joint advocacy can soften the blow of policy changes.

An SME owner in Lagos recently told me:

“Every time I hear ‘new policy,’ I don’t think about how it will help. I think about how much it will cost me this time.”

Another, a fintech founder, described the constant pivoting as “building on shifting sand.” The frustration is the unpredictability, not limited to the cost.

Macro Takeaway

In Nigeria, policy is a central player, not just the background noise of business. And for many, it feels less like a referee and more like a competitor.

Scaling through goes beyond market fit; it includes policy resilience. Entrepreneurs need to be as skilled at reading government gazettes as they are at reading balance sheets. The prize for those who adapt is a market with huge potential, and the cost for those who can’t is early extinction.

So, I leave you with this:
If you could design one policy to protect Nigerian entrepreneurs from sudden shocks, what would it be?

They’re what people turn to when salaries lose value before payday, when sending money across borders seems like smuggling, and when your bank app is down more times than it’s up.

Nigeria’s crypto market is projected to hit $2.4 billion by 2025, with a user base expected to reach 28.69 million by 2026. The average revenue per user sits around $87, and 85% of all crypto transactions remain under $1 million, pointing to strong grassroots adoption. 

This is a market of everyday people and small businesses,  no longer focused on just innovation, but usefulness.

Binance Africa, the global giant with its wide-ranging tech ecosystem, and Yellow Card, the African-born disruptor, designing crypto rails to move money, are both walking on both innovation and usefulness for many.

Two Approaches, One Market

Binance Africa offers a broad suite of services including spot trading, futures, staking, lending, NFTs, and educational resources. It’s a global platform which processes billions of dollars in daily trading volume, with high liquidity and has gained popularity in Africa, particularly for peer-to-peer (P2P) trading of USDT and Bitcoin. 

The platform’s native BNB token adds further value for users, with many traders actively monitoring BNB to USD price movements to optimize their trading strategies and reduce transaction fees across the Binance ecosystem.

It also supports mobile money payments in six African countries, helping users convert crypto to local currency more easily.

Yellow Card, by contrast, is focused more narrowly, but purposefully. It’s known for its work in stablecoin-based payments, cross-border remittances, mobile money integration, and B2B financial services like treasury management. 

Since its launch in Nigeria in 2019, it has processed over $6 billion in volume and operates in more than 20 African countries.

Key Differences at a Glance

Regulatory Standing and Trust

Regulation has become a key differentiator. Binance, though popular, has encountered regulatory resistance across several African countries, including Nigeria, where it faced operational restrictions in 2024 and warnings from the SEC.

Yellow Card, on the other hand, has emphasised a compliance-first approach. It operates under licences in multiple jurisdictions and works closely with financial authorities.

Its services are tailored to meet local needs, particularly for users who rely on stablecoins for cross-border transfers, SME operations, and inflation hedging.

This divergence doesn’t imply one is better,  just different. Binance’s platform may appeal to users seeking high-level trading tools, while Yellow Card’s regulated simplicity offers comfort to risk-averse or new users.

User Experience and Feedback

App store reviews shows the real-world usage of both platforms:

• Binance users laud its range of features but constantly mention delayed withdrawals, slow customer support, and complicated fiat conversions.
• Yellow Card is commended for ease of use and stablecoin transfers, but users have also reported app crashes during withdrawal and concerns about rate transparency.

Neither platform is without fault, but their weaknesses mirror their scale. Binance may struggle with personalisation and responsiveness, while Yellow Card, being smaller, may face technical limitations.

Infrastructure vs Ecosystem

Binance is building a crypto ecosystem, from trading and NFTs to staking and institutional tools. It offers high functionality but requires technical knowledge and a higher tolerance for risk, especially in regions with uncertain regulatory environments.

Yellow Card, by contrast, is building infrastructure, the digital roads that enable local businesses, NGOs, freelancers, and families to move money legally, simply, and quickly. Its YC Business API allows invoice settlement and USD liquidity for African companies, something Binance does not currently prioritise on a local scale.

Again, the comparison is not about superiority but use case. Each serves a purpose — and each is valuable depending on the user.

Funding, Scale & Recognition

• Binance remains privately held with deep liquidity and billions in daily global trading volume. It has invested heavily in education across Africa and received awards like Emerging Technology of the Year (Ghana Fintech Awards 2022).
• Yellow Card has raised over $88 million, including backing from Coinbase Ventures, Jack Dorsey’s Block, and Valar Ventures. It’s received accolades for economic mobility in payments and digital innovation in Kenya.

So, Which Should Nigerians Choose?

That depends entirely on what you need:

• For traders? Binance remains unrivalled. Its liquidity, advanced features, and global access are unmatched.
• For businesses and everyday users, Yellow Card is designed with compliance and local usability in mind.
• Want deep liquidity, advanced trading tools, and the chance to earn through staking and futures? Binance has the edge.
• Need to send money to another African country, manage small business payments, or hedge against naira volatility using stablecoins? Yellow Card may be more aligned with your needs.

There’s no one-size-fits-all winner here, just two platforms interpreting the crypto moment in Africa differently.

Nigeria’s crypto space is no longer a fringe movement; it’s formalised, regulated, and expanding, with stablecoins, P2P networks, and digital naira equivalents all part of a growing sector.

As the Central Bank warms up to digital assets and the SEC begins licensing Virtual Asset Service Providers (VASPs), the winners will be platforms that can navigate compliance, deliver value, and adapt to local realities.

Binance and Yellow Card are both part of this story, but they’re writing it from very different pages.

With 25.9 million Nigerians now using digital assets, representing an 11.9% market penetration, the country’s embrace of blockchain-powered finance is being impacted by challenges such as inflation, currency instability, and inaccessible traditional banking. 

For many, stablecoins have become a tool to survive, offering a safer, faster, and more predictable way to send money, save in hard currency, or simply transact across borders.

According to Yellow Card, “Stablecoins have become an increasingly critical tool for Africans seeking more efficient and accessible financial solutions. Nowhere is this more evident than in Nigeria. Nigeria’s leadership in stablecoin adoption and digital asset usage is not just a tech milestone; it’s a signal of how financial innovation can thrive in response to local needs. The rest of Africa is clearly following.”

Africa now leads the world in stablecoin adoption at 9.3%, with over 54 million digital asset users across the continent. But Nigeria’s position in this ecosystem is quite interesting. 

Despite a history of regulatory issues, including restrictions from the Central Bank, Nigerians have turned to decentralised finance in droves, driven by a need to bypass currency devaluation and costly remittance systems.

The report lists nine other African nations in the global top 50 for digital asset adoption, including Ethiopia (26th), Morocco (27th), Kenya (28th), and South Africa (30th). 

Interestingly, countries with strict regulatory environments, such as Algeria and Egypt, still see high user numbers. Egypt and Morocco, for instance, are estimated to have over 17 million users combined, despite lacking fully established legal frameworks.

Regulatory bodies across the continent are now working to keep up with the increasing usage; from draft legislation and pilot regulatory sandboxes to fully operational frameworks for virtual asset service providers (VASPs), the sector is changing quickly. 

Some nations are also testing Central Bank Digital Currencies (CBDCs) to tackle goals like financial inclusion and monetary stability.

There is an obvious tension between regulation and innovation. While some countries embrace decentralised tools as a path to resilience, others tread cautiously, risking stifling innovation altogether. 

Yellow Card’s report warns that CBDC development, while important, often drags compared to the fast-paced growth of private digital assets.

“While regulatory frameworks remain uneven across the continent, the momentum is clearly shifting toward formal recognition and oversight of digital assets,” the report noted.

Yellow Card projects that clearer rules could attract investment and accelerate financial inclusion, helping bridge Africa’s long-standing gap in access to formal financial services. 

With businesses and even financial institutions beginning to integrate blockchain solutions, digital assets are no longer fringe, they are fast becoming the backbone of an alternative economic future.

Led by the Ministry of Industry, Trade and Investment, the initiative starts with a request to fill out a survey. The Ministry wants to know which countries Nigerian digital businesses are interested in, what kind of services they offer, and what roadblocks they face. 

With that information, the government plans to steer its trade discussions under the African Continental Free Trade Area (AfCFTA) toward those countries—ideally opening up space for Nigerian companies to grow across the continent.

Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, explained the reason behind the move. “This is because, unlike physical goods and traditional services, digital services don’t fit neatly into existing trade categories,” she said. 

“Nigeria is, therefore, championing digital trade services and is pioneering a simple, clear framework that both businesses and governments can understand.”

That problem—digital services not fitting into any clear box—has long discouraged Nigerian companies trying to operate beyond the country’s borders. It’s not yet clear what regulations apply, who issues licences, or how long the process should take. Many are left waiting for answers that don’t come.

Dr. Oduwole added, “It’s like creating a common language that helps everyone to get on the same page about what these services are and how they should be treated. The transformative benefits for Nigeria include unlocking new markets.”

The Ministry also plans to create a database of digital service providers—something Nigeria has never done before. This registry will map their expansion goals and give a clearer picture of the challenges they face. According to the Minister, the outcome could help Nigeria move from reacting to trade policy, to shaping it.

Some Nigerian companies have already made progress. Flutterwave now operates in countries such as Ghana, Kenya, Uganda, South Africa, and Tanzania. Paystack has also expanded to Ghana, South Africa, and Kenya. Interswitch maintains a presence in several African cities. But they are the exceptions. For many others, licensing procedures and unclear frameworks have slowed them down.

At the same time, Nigeria has been working to improve its digital economy at home and ensure tech expansion. There’s already a national policy focused on expanding broadband access, e-commerce systems, and digital financial services. 

These steps aim to improve Nigeria’s standing in Africa’s growing digital economy—one that’s expected to contribute $180 billion to the continent’s GDP by 2025, and over $700 billion by 2050.

Still, the challenges are obvious. Over 70% of people in rural parts of Africa don’t have access to the internet. Infrastructure is weak in too many areas. If Nigerian businesses are to scale across the continent, that gap has to close. Projects like this one, if properly followed through, might help.

There’s also a wider conversation happening. Nigeria, along with countries like Kenya and Rwanda, is trying to shape how digital trade works in Africa. 

The African Digital Economy & Inclusivity Conference (AFDEIC 2025), scheduled to take place soon, will focus on key themes like financial access, responsible data sharing, and how to manage the growth of digital systems across the continent.

Meanwhile, Nigeria’s recent decision to categorise cryptocurrency as securities under the new Investment and Securities Act (ISA) 2025 shows a bigger dynamic. It points to a more structured approach to digital services and may play a role in supporting cross-border trade in the near future.

For now, the government is calling on all local digital service providers to participate in the official survey. The responses will guide future negotiations and could remove some of the obstacles these companies currently face, ultimately ensuring local tech expansion beyond Nigeria.

The survey is available here.