The cryptocurrency landscape in Nigeria is rapidly evolving, yet the crypto remains largely influenced by foreign platforms and entrepreneurs targeting the global market.

This dominance, paired with a general preference among Nigerians for international products over local alternatives, presents significant hurdles for Nigerian crypto entrepreneurs aiming to establish and grow their ventures within the domestic and African markets.

Despite these challenges, a wave of innovative Nigerian founders is making remarkable strides in creating homegrown crypto exchanges that not only compete with but also surpass their foreign counterparts in certain aspects. 

Ruth Iselema – Bitmama

These entrepreneurs are leveraging their deep understanding of the local market to build platforms that resonate with Nigerian users, ensuring safer and more tailored cryptocurrency trading experiences. Here are some of these trailblazers who are shaping the future of crypto exchanges in Nigeria and across Africa.

Ruth Iselema stands out as a pioneering female voice in the Nigerian crypto community. Her journey into the world of blockchain and cryptocurrencies began in 2015, thanks to a friend in Japan who introduced her to the burgeoning industry. Ruth’s active participation in Telegram and WhatsApp groups dedicated to crypto further deepened her knowledge and passion.

In 2017, Ruth took the bold step of launching Bitmama, establishing it as a leading Nigerian crypto exchange. Bitmama is registered in Delaware, USA, with operational offices in Nigeria and Ghana. 

The platform offers a variety of trading services and lists over ten cryptocurrencies, including BTC, ETH, USDT, and XRP. Under Ruth’s leadership, Bitmama has successfully raised $2.5 million in funding from notable investors such as Mercy Corps Ventures, Five35 Ventures, and Adaverse. 

Michael Adeyeri and Moyosore Sodipo – Busha

Michael Adeyeri and Moyosore Sodipo co-founded Busha in 2020, positioning it as one of Nigeria’s premier crypto exchanges. Michael serves dual roles as the Chief Executive Officer and Chief Technology Officer, while Moyosore takes on the responsibilities of Chief Product Officer and Chief Operating Officer.

Busha distinguished itself by securing a provisional license from the Nigerian Securities and Exchange Commission (SEC), a testament to its commitment to regulatory compliance and user security. 

Headquartered in London, Busha has successfully raised $4.2 million from 17 investors, showcasing strong investor confidence. The platform lists over 50 cryptocurrencies, providing users with a diverse range of trading options. 

Uchenna Nnodum – Roqqu

Uchenna Nnodum founded Roqqu in 2019 with the vision of facilitating seamless global payments and brokerage services for Nigerians. Based in Lekki, Lagos, Roqqu offers an extensive selection of over 100 cryptocurrencies, including major players like USDT, BTC, and ETH.

Roqqu has quickly become one of Nigeria’s top crypto trading platforms, catering to the needs of both Nigerian and Ghanaian traders. Uchenna’s focus on user experience and security has helped Roqqu carve out a significant market share amidst fierce competition from established international exchanges like Binance and Bybit. 

Buchi Okoro – Quidax

Buchi Okoro, alongside his co-founders Uzo Awili and Morris Ebieroma, launched Quidax in 2017 after receiving seed funding and completing the TechStar Accelerator Program. 

Quidax has the distinction of being the first crypto exchange in Nigeria to receive a provisional Digital Assets Exchange license from the Nigerian SEC. The inspiration behind Quidax stemmed from Buchi’s personal experience of being scammed while attempting to trade cryptocurrencies.

Determined to create a secure and trustworthy platform, Buchi and his team set out to develop a trading environment where Nigerians and Africans could engage in crypto transactions safely. 

What you should know 

As an alumnus of Covenant University, Buchi collaborated closely with Uzo and Morris, fellow Covenant colleagues, to bring Quidax to life. Today, Quidax is recognized for its robust security measures and user-friendly interface, making it a preferred choice for many crypto enthusiasts in the region.

Beyond these key players, other notable Nigerian crypto exchanges like Yellow Card, founded by Chris Maurice and Justin Poiroux in 2019, have also made significant impacts. 

Yellow Card enables users to buy cryptocurrencies using the Nigerian Naira, becoming Africa’s largest centralized crypto exchange. Additionally, Luno, established by South African Marcus Swanepoel in 2013, continues to play a crucial role in democratizing crypto access across the continent.

Crypto exchanges are vital to the ecosystem, serving as platforms for trading and as digital wallets for storing various crypto assets. The recent approvals of Quidax and Busha by the Nigerian SEC signal a positive shift towards fostering local innovation and competition. 

These developments are likely to encourage more Nigerian entrepreneurs to launch their own crypto ventures, thereby enriching the Nigerian crypto landscape and reducing reliance on foreign platforms.