Category: Security & Regulation || Posted Jul 29, 2026

Nigeria's Quidax Expands SEC-Licensed Stablecoin Infrastructure Across 21 Countries

Quidax Expands SEC-Licensed Stablecoin Infrastructure Across 21 Countries

In a major expansion of compliant digital asset services in emerging markets, Quidax—the first cryptocurrency platform to secure a provisional Digital Assets Exchange license from Nigeria's Securities and Exchange Commission (SEC)—announced the deployment of its stablecoin infrastructure across more than 21 countries and 14 local currencies.

The initiative provides startups, neobanks, e-commerce platforms, and global enterprises with standardized application programming interfaces (APIs) and payment rails designed to facilitate cross-border settlements and local currency on/off-ramps.

Regulatory Framework and Compliance Background

Quidax’s global expansion rests on a compliance-first operational model. The exchange operates under direct securities supervision in West Africa following the issuance of its provisional license under the Nigerian SEC’s Accelerated Regulatory Incubation Program (ARIP). Additionally, the entity maintains registration as a Money Services Business with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC).

By operating within established regulatory frameworks, the infrastructure allows commercial clients—including fintechs and import/export businesses—to integrate stablecoin liquidity while adhering to local Know-Your-Customer (KYC) and Anti-Money Laundering (AML) standards.

Technical Features and Geographic Coverage

The expanded infrastructure provides business-to-business (B2B) tooling, including customizable APIs, embeddable ramp widgets, over-the-counter (OTC) liquidity desks, and merchant collection tools.

Supported Asset Framework

1. Stablecoins: USDT, USDC, cNGN, XAUT, USAT, and AxCNH.
2. Fiat Currencies: Supports 14+ currencies, including the Nigerian Naira (NGN), Ghanaian Cedi (GHS), Kenyan Shilling (KES), South African Rand (ZAR), Central/West African CFA Francs (XAF/XOF), and Egyptian Pound (EGP).

Geographic Reach

The regional deployment spans key markets across multiple continents:

1. West Africa: Nigeria, Ghana, Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.
2. East & Southern Africa: Kenya, Rwanda, Ethiopia, Uganda, Malawi, Tanzania, and South Africa.
3. International Corridors: United States, United Kingdom, United Arab Emirates, China, and Canada.

Settlement Metrics and Cost Benchmarks

Traditional cross-border payments within African commercial corridors often encounter significant friction. According to figures cited by Quidax, conventional payments routed through European correspondent banks can take up to 7 days to finalize and carry fees reaching 13% of the transaction value.

Quidax’s stablecoin architecture operates directly between liquidity pools, bypassing correspondent banking intermediaries. Key operational benchmarks reported by the company include:

1. Settlement Speeds: Cross-border commercial transactions settle in under 48 hours, with many direct API transactions occurring in near real-time.
2. Fee Structure: Transaction costs are maintained below the global average, targeting alignment with the G20 and UN Sustainable Development Goal benchmark of 5% or lower for cross-border remittances.

"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. Our compliance-first stablecoin infrastructure was created to remove that levy and bring us closer to a world with zero financial borders."

— Buchi Okoro, CEO and Co-Founder of Quidax

Key Takeaways

1. SEC-backed Expansion: Quidax leverages its provisional SEC licensing in Nigeria and FINTRAC registration in Canada to deploy regulated B2B stablecoin infrastructure.
2. Broad Market Footprint: The service connects businesses across 21 countries, spanning West, East, and Southern Africa alongside international hubs in North America, Europe, Asia, and the Middle East.
3. Multi-Currency Rails: Supports 14 local currencies and major dollar-pegged stablecoins (USDT, USDC, cNGN) via direct APIs and payment widgets.
4. Reduced Intermediation: Eliminates correspondent bank routing, reducing cross-border settlement windows to under 48 hours at fee levels below global averages.