Quidax plans to support Nigerian financial firms exploring stablecoin and other digital-asset services over five years, BusinessDay reported, as IMF data show stablecoins made up more than 65% of crypto inflows in 2024.
Quidax CEO and co-founder Buchi Okoro told BusinessDay that the company’s priorities include infrastructure, education and compliance support for institutions considering the services. “We want to be the trusted partner,” Okoro said.
Quidax’s API documentation describes a way for customers to sell stablecoins such as Tether (USDT) and receive naira in a Nigerian bank account. The guide says customers do not need an account with Quidax or another custodian to use the service.
The IMF said Nigerian households and businesses use stablecoins to move money across borders and access foreign currency outside the domestic banking system. It reported that small and medium-sized importers are increasingly using them to pay overseas suppliers, while some larger firms are testing stablecoin settlement for trade.
The IMF also estimated that Nigeria accounted for about 60% of Sub-Saharan Africa’s stablecoin inflows from late 2019 to early 2025, using USDT and USD Coin (USDC) as proxies. Those figures cover stablecoins, while a separate Chainalysis estimate measures crypto activity more broadly: Nigeria received more than $92.1 billion in on-chain crypto value from July 2024 through June 2025.
Nigeria’s Securities and Exchange Commission (SEC) lists Quidax Technologies Limited, trading as Quidax, as a digital-assets exchange in its Accelerated Regulatory Incubation Program. Quidax said Aug. 29, 2024, that it had received a provisional operating license from the SEC.
BusinessDay named no bank or asset manager with a Quidax agreement and gave no launch date or commercial terms for the proposed institutional services.
