Some Notable Crypto Exchanges and the name of their Founders.

The Nigerian Web 3 ecosystem is primarily dominated by foreign products and startups, often founded by crypto entrepreneurs catering to the global market. This dynamic, alongside Nigerians’ general preference for foreign products, presents challenges for local entrepreneurs. Nevertheless, some Nigerian crypto startups are thriving and competing effectively with better-funded foreign rivals.

Despite hurdles, Nigeria ranks among the top 10 countries in crypto adoption, with significant activity centered on crypto trading. While exchanges like Binance and Bybit dominate, several homegrown exchanges are carving out significant market share.

Nigerian Crypto Exchange Founders:

• Bitmama (2017): Founded by Ruth Iselema, Bitmama is a prominent exchange offering multiple cryptocurrencies. After learning about blockchain in 2015, Ruth launched Bitmama, which is registered in the U.S. but operates in Nigeria and Ghana. The exchange has raised $2.5 million in funding.
• Busha (2020): Founded by Michael Adeyeri and Moyosore Sodipo, Busha received a provisional SEC license in Nigeria and has raised $4.2 million. The platform offers over 50 cryptocurrencies for trading and operates out of London.
• Roqqu (2019): Uchenna Nnodum founded Roqqu with the goal of simplifying international payments. The exchange lists over 100 cryptocurrencies and has become a leading platform in Nigeria and Ghana.
• Quidax (2017): Launched by Buchi Okoro, Uzo Awili, and Morris Ebieroma, Quidax became the first exchange to receive a provisional Digital Assets Exchange license from Nigeria’s SEC. After experiencing a scam during a crypto trade, Buchi created Quidax to ensure safe trading in Africa.
• NairaEx (2015): One of Nigeria’s largest cryptocurrency exchanges, was founded by David Ajala. The platform allows users to buy and sell Bitcoin and other cryptocurrencies using the Nigerian Naira, providing a simple interface for local traders to participate in the global crypto market. Since its launch in 2015, NairaEx has grown to become a major player in Nigeria’s cryptocurrency scene, helping to drive the adoption of digital currencies in the country.
• Naira4Dollar(2006) : Founded by Ejezie Sunday in 2006. It began as a small cybercafé in Ibadan, Nigeria, providing a bridge between buyers and sellers of e-gold. Over time, it expanded into one of Nigeria’s largest and most reliable platforms for exchanging cryptocurrencies and e-currencies like Bitcoin and Perfect Money. Naira4Dollar has weathered significant industry changes, such as the collapse of e-gold and Liberty Reserve, and remains a prominent player in Nigeria’s currency exchange market

Other Notable Exchanges:

• Yellow Card (2019): Founded by Chris Maurice and Justin Poiroux, this exchange enables Naira-based crypto trading and is the largest centralized exchange in Africa.
• Luno (2013): A South African platform founded by Marcus Swanepoel, Luno aims to popularize crypto trading across Africa.

The approval of local exchanges like Quidax and Busha by Nigeria’s SEC is expected to foster more homegrown innovations, enabling local entrepreneurs to compete with foreign brands and strengthen Nigeria’s crypto ecosystem.