I'm LongbridgeAI, I can summarize articles.Quidax, Nigeria's first SEC-licensed digital assets exchange, has expanded its stablecoin infrastructure to over 21 countries and 14 currencies. This move aims to reduce cross-border payment costs and settlement times for businesses and fintechs in Africa and globally. The compliant platform supports major stablecoins like USDT and partners with Tether and Chainalysis, targeting the elimination of high fees associated with traditional correspondent banking routes.
The Expansion Unlocks a Compliant Engine for Businesses and Fintechs to Move Value Across Africa and Beyond
, /PRNewswire/ -- Quidax, the first digital assets exchange to receive a provisional licence from Nigeria's Securities and Exchange Commission (SEC), today announced the expansion of its stablecoin infrastructure to more than 21 countries and 14 currencies, enabling startups, fintechs, and global enterprises to move value seamlessly across Africa and key international markets.
Africa loses an estimated $5 billion annually to cross-border payment fees and inefficiencies. When a business in Accra, Ghana pays a partner in Durban, South Africa through traditional channels, that payment is routed through a correspondent bank in Europe, a journey that can take up to 7 days and costs up to 13% of the transaction value, more than twice the global average of 6%.
Quidax addresses this directly. Its compliant infrastructure settles cross-border payments in under 48 hours with no correspondent bank involved, at a cost below the global average and in line with the G20 and UN Sustainable Development Goal target of 5%.
"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," said Buchi Okoro, CEO and Co-Founder of Quidax. "Our compliance-first stablecoin infrastructure was created to remove that levy and bring us closer to a world with zero financial borders."
Nigeria's first SEC-licensed digital assets exchange, Quidax is one of a select few exchanges operating under direct securities regulation in Africa and is actively expanding its licensing footprint across strategic markets.
The infrastructure supports key African markets including Nigeria, Ghana, Kenya, Tanzania, Rwanda, South Africa, Ethiopia, Cameroon, and Côte d'Ivoire, and extends beyond the continent to Canada, China, the United Arab Emirates, the United Kingdom, the USA, and several European countries. The rails support USDT, XAUT, USAT, and other leading stablecoins, as well as 14 local and international currencies including Naira, Cedi, Central African and West African CFA francs and US Dollar.
Powering more than 5,000 startups and enterprises across payments, remittance, gaming, banking, and more, Quidax counts Tether, the world's largest stablecoin issuer, and Chainalysis, the global standard in blockchain compliance, among its partners.
About Quidax
Quidax is an African-founded digital assets exchange serving individuals, startups, fintechs, and enterprises. Its unified engine makes sending value within Africa and beyond as easy as sending a text message, powered by an orderbook exchange, an OTC desk, and white-label stablecoin and digital asset APIs, supporting 14+ currencies across 21+ countries. Visit www.quidax.io.
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SOURCE Quidax
