KoinKoin's CEO Discusses Nigeria's Crypto Focus

Olaniyi Atose, CEO of KoinKoin, attributed the Nigerian government's increased focus on the cryptocurrency industry to the substantial growth in digital asset transactions, which reached $92.1 billion between July 2024 and June 2025, according to Chainalysis data. Atose made these remarks during the launch of the KoinKoin app in Lagos.

He emphasized that the volume of crypto transactions indicates that digital assets are now a vital part of Nigeria's financial ecosystem, prompting regulators to develop a regulatory framework. He noted that the lack of visibility into crypto activities poses challenges for anti-money laundering and counter-terrorism financing efforts.

Atose mentioned that past bans on cryptocurrency only drove activities underground. KoinKoin is involved in several regulatory initiatives, including participation in the Central Bank of Nigeria’s pilot cohort for anti-money laundering and has received an Approval in Principle from the Securities and Exchange Commission for its Accelerated Regulatory Incubation Programme.

The company is also set to expand into Ghana's market.