Following a period of explosive growth in its home market, the Nigerian cryptocurrency exchange Obiex has announced a strategic expansion into Ghana and South Africa, with Kenya also in its sights. The move signals the company’s transition from a local liquidation tool into a high-volume regional infrastructure provider capable of competing with global giants like Binance.
Founded by Ikechukwu Okeke and Chidozie Ogbo (CTO), Obiex has carved out a unique niche by solving the “volatility gap”, the financial loss traders suffer when prices shift during slow blockchain confirmations.
The company’s journey began in 2016 as Paylot, originally intended as a crypto payment gateway for merchants. However, early user behavior dictated a different path.
- The Pivot (2021): Recognizing that users prioritized fast “off-ramps” (converting crypto to local currency) over merchant payments, the team rebranded to Obiex.
- Regulatory Resilience: When the Central Bank of Nigeria (CBN) restricted banking services for crypto firms in 2021, Obiex pivoted again. They identified that high-volume P2P traders were losing hundreds of dollars per transaction due to price swings during blockchain delays.
Obiex’s competitive edge lies in its proprietary “Swap Without Confirmation” feature. This allows users to lock in exchange rates instantly, bypassing the typical delays associated with blockchain verification. This tool has made Obiex a preferred platform for both retail users and professional traders looking to remove friction and manage volatility risk.
Obiex remains fully bootstrapped, a rarity for a platform handling such significant volume:
- Swap Volume: Increased from $588 million in 2024 to $1 billion in 2025.
- Gross Transaction Value (GTV): Reached $9 billion in 2025, with a total of over $20 billion since the 2021 pivot.
- User Activity: Retail users drive 70% of the volume, while business customers account for 28%. This year, active users traded an average of $211,000 each.
- B2B Infrastructure: Beyond direct users, Obiex provides wallet and infrastructure services to 12 other crypto exchanges in Nigeria.
The Expansion Roadmap: Ghana, South Africa, and Kenya
With operations already active in Cameroon, Obiex is now focusing on three high-potential markets where digital asset adoption is surging:
1. Ghana (Immediate Priority)
Ghana is the top priority following the Bank of Ghana’s November policy paper, which outlines a clear regulatory path for virtual assets. With over three million Ghanaians already using digital assets, Obiex is currently exploring partnerships with local payment service providers.
2. South Africa (Licensing Phase)
While the current user base in South Africa is relatively small, the volume per user is significant.
- Status: The company is actively engaging with regulators and has applied to join the regulatory sandbox.
- Goal: Upon completion, the firm expects to qualify for the appropriate license to operate at scale in the South African market.
3. Kenya
Kenya remains a critical target due to high adoption rates. Obiex is currently in the licensing process to ensure full compliance as part of its broader African strategy.
Business Model and Sustainability
Unlike many competitors, Obiex does not charge traditional transaction fees. Instead, it generates revenue through spreads on swap transactions. This model has allowed the company to remain self-sustaining since 2021 without seeking external VC funding.
According to CEO Ikechukwu Okeke, the momentum from their Nigerian operations is now fueling their ambitious expansion into the rest of the continent, positioning Obiex as a homegrown alternative to global platforms.
