Quidax, the inaugural digital asset exchange to earn a provisional license from Nigeria’s Securities and Exchange Commission, has widened its stablecoin services to encompass more than 21 countries and 14 currencies. This move provides fintechs, startups, and international firms with a efficient method for transferring funds throughout Africa and across global markets.
Currently, Africa faces approximately $5 billion in annual losses due to inefficient cross-border payment systems. Traditional transactions, such as a transfer from Ghana to South Africa, often transit through European correspondent banks. This process can consume up to a week and incur fees as high as 13%, significantly exceeding the 6% global average. Quidax aims to solve this by providing a compliant framework that processes payments in under 48 hours, bypasses correspondent banks, and keeps transaction costs near the 5% target established by the G20 and UN.
Buchi Okoro, CEO and Co-Founder of Quidax, noted that African businesses frequently encounter a surcharge when moving capital across borders. He described the firm’s new infrastructure as a tool to eliminate these costs and move toward a borderless financial ecosystem.
The service is operational in major African nations including Nigeria, Kenya, Rwanda, and South Africa, while also reaching the UAE, USA, UK, Canada, and China. It facilitates the use of major stablecoins like USDT and XAUT alongside 14 currencies. With partnerships including Tether and Chainalysis, Quidax currently supports over 5,000 businesses across various sectors, including banking and gaming.
