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Nigeria’s first Securities and Exchange Commission (SEC)-licensed digital asset exchange, Quidax, has expanded its stablecoin infrastructure to more than 21 countries and 14 currencies, positioning the company to support cross-border payments for startups, fintechs and global businesses operating across Africa.
The expansion, announced on July 28, 2026, represents a major step in Quidax’s strategy to build payment infrastructure around stablecoins and make cross-border movement of value faster and more accessible across African and international markets.
From Crypto Exchange to Payment Infrastructure
Quidax’s latest move signals a broader shift from operating primarily as a digital-asset trading platform toward providing infrastructure that businesses can use for payments and treasury operations.
Through its expanded stablecoin infrastructure, businesses can access services designed to facilitate the movement of digital value across multiple markets and currencies.
The company is targeting businesses that need to manage international payments, collections and transfers without relying entirely on conventional cross-border payment channels.
Coverage Expands Across 21 Countries
The infrastructure now supports transactions across more than 21 countries and 14 currencies, giving businesses access to a wider network for moving value across African markets and beyond.
Quidax said the expansion is designed to address challenges businesses face when moving money across borders, particularly the cost, speed and complexity associated with traditional international payment systems.
The development comes as demand for digital assets in Africa continues to grow, particularly for remittances, international payments and other cross-border financial activities.
Stablecoins Gain Ground in Cross-Border Transactions
Stablecoins have become increasingly relevant to Africa’s digital payments ecosystem because they are typically designed to maintain a stable value relative to a reference asset, such as the US dollar.
In Nigeria, their use has expanded alongside broader cryptocurrency adoption. A June 2026 report found that about 40 percent of Nigerians use cryptocurrency for international transfers, highlighting the growing role of digital assets in cross-border money movement.
The development is taking place against an evolving regulatory backdrop. The International Monetary Fund has urged Nigeria to bring stablecoins and other crypto-asset activities within its regulatory perimeter, citing financial stability and monetary-policy concerns associated with their growing adoption.
Quidax’s Regulatory Position
Quidax’s expansion comes after Nigeria’s SEC granted the company Approval-in-Principle under its Accelerated Regulatory Incubation Programme (ARIP) in 2024.
Quidax and Busha were the first two crypto exchanges admitted under the framework, giving them a recognised position within Nigeria’s emerging regulatory structure for digital-asset businesses.
Since then, the SEC has continued expanding its regulatory framework, admitting additional digital-asset companies into its regulatory programmes while stressing that Approval-in-Principle remains conditional on continued compliance and does not automatically constitute a final licence.
Expansion Comes Amid Broader Crypto Regulation
Quidax’s international push also coincides with efforts by the Nigerian government to establish a more coordinated approach to digital-asset regulation.
In July 2026, President Bola Tinubu signed an Executive Order establishing a Virtual Asset Council, chaired by the Central Bank of Nigeria, to improve coordination among government agencies overseeing cryptocurrencies, stablecoins, tokenised assets and other virtual assets.
The framework reflects the government’s attempt to balance the growth of digital finance with concerns around fraud, financial stability and consumer protection.
Africa’s Cross-Border Payments Opportunity
For Quidax, the expansion places the company in an increasingly competitive market for digital payment infrastructure.
Africa’s fragmented financial systems have created demand for technologies capable of enabling faster and more seamless cross-border transactions. Stablecoin infrastructure could provide businesses with another channel for moving value between markets, particularly where traditional payment systems remain costly or slow.
Quidax’s expansion to more than 21 countries therefore goes beyond geographic growth. It represents an attempt to position the Nigerian fintech as a broader financial infrastructure provider at a time when stablecoins are becoming increasingly important to the continent’s digital economy.
As regulatory frameworks mature and businesses seek more efficient ways to move money across borders, the ability to combine stablecoin technology with compliant payment infrastructure could become an increasingly important competitive advantage in Africa’s fintech market.
