Wedoany.com Report on Feb 6th, Nigerian cryptocurrency platform Obiex is expanding its business to Ghana and South Africa after its swap transaction volume exceeded $1 billion. Kenya is also included in its African market expansion plan, marking the company's transformation from a local service provider to a regional digital asset infrastructure provider.
Originally launched in 2016 under the name Paylot, Obiex was positioned as a cryptocurrency payment gateway. It later discovered that users preferred to convert digital assets into local currency rather than using them directly for payments. Consequently, it shifted its business focus and rebranded as Obiex, specializing in providing liquidity and fast liquidation services.
The year 2021 was a significant turning point when the Central Bank of Nigeria restricted banking relationships with cryptocurrency companies. At that time, Obiex noticed that high-volume users faced price volatility risks, especially during the waiting period for blockchain confirmations. To address this, the company developed an instant rate-locking feature to help users mitigate the impact of market fluctuations. This feature has now become a core advantage attracting both individual and institutional users.
Without venture capital funding, Obiex has achieved remarkable growth. Its annual swap transaction volume increased from $588 million in 2024 to $1 billion in 2025, with total transaction volume reaching $9 billion last year. Since its strategic pivot in 2021, cumulative transaction volume has surpassed $20 billion. Retail users constitute the main body of transactions, while corporate clients contribute over a quarter of the transaction volume. Active users have an average annual transaction volume exceeding $200,000. Furthermore, the company provides wallet and back-end support services to over ten Nigerian exchanges.
Having already extended its operations to Cameroon, Obiex is now focusing on three markets with rapidly developing digital assets. Ghana is the primary target due to its gradually clarifying regulatory framework. The company is exploring partnerships with local payment institutions to facilitate market entry. South Africa presents another significant opportunity. Although the user base is relatively smaller, the transaction value per user is higher. Obiex has initiated communication with regulators and begun the licensing application process. Kenya, due to its growing cryptocurrency adoption rate, has also been included in the development roadmap. The company is seeking compliance approvals to establish its East African operations.
Obiex generates profit through swap transaction spreads rather than traditional transaction fees. This model supports its self-funded expansion. Management views its success in Nigeria as the foundation for building a pan-African digital asset service platform.
