Quidax's Buchi Okoro on Nigeria's Growing Stablecoin Market

Banks, asset managers, and financial technology companies in Nigeria are considering offering stablecoin and digital asset services as cryptocurrency adoption increases. Buchi Okoro, Co-Founder and Chief Executive Officer of Quidax, indicated that the growing institutional interest could expand digital assets into mainstream financial services, including cross-border payments and international money transfers.

Quidax is positioning itself to assist financial institutions and businesses by providing necessary infrastructure and regulatory support, focusing on compliance and customer trust. Okoro spoke at The Exchange, an event on stablecoins and digital assets hosted by Quidax in partnership with Tether in Lagos.

He emphasized that over the next five years, Quidax aims to support the ecosystem as more institutions consider integrating stablecoins into their services. The interest in stablecoins is rising in Nigeria, where dollar-pegged digital assets are increasingly used for foreign currency transactions.

The International Monetary Fund reported that Nigeria received approximately $59 billion in crypto asset inflows between July 2023 and June 2024.