Nigerian cryptocurrency platform Obiex is moving into its next growth phase, setting its sights on Ghana and South Africa after recording more than 1 billion in swap transactions. Kenya is also part of the company's broader African expansion plan, marking its evolution from a local crypto conversion service into a regional digital asset infrastructure player.
Originally launched in 2016 under the name Paylot as a crypto payment gateway, the company shifted direction after discovering that users were more interested in converting digital assets to local currency than paying merchants with crypto. A rebrand to Obiex followed, along with a sharper focus on liquidity and fast off-ramp services.
Another major turning point came in 2021 when Nigeria's central bank restricted banking relationships with cryptocurrency firms. During that period, Obiex identified a key challenge faced by high-volume peer-to-peer traders: losses caused by price fluctuations while waiting for blockchain confirmations. The company responded by building a system that allows users to secure exchange rates instantly, reducing exposure to market volatility during transaction processing times. That feature has since become central to its appeal among both individual traders and larger operators.
