Grace Ashiru
Businesses are now more open to collaborating with us,” a representative from Quidax, Nigeria’s first licensed cryptocurrency exchange, remarked at a stablecoins event in December 2024. Her statement reflects the situation in Nigeria, where blockchain-based products have faced business skepticism and regulatory challenges.
Although cryptocurrency is just one aspect of blockchain applications, regulatory oversight has also impacted other blockchain uses in sectors like healthcare, gaming, and investments that involve digital assets.
The positive development is that regulations are currently being formulated, and companies in the sector are obtaining licenses, creating a more favorable environment for blockchain innovation. The technology is also advancing, becoming increasingly user-friendly and accessible to the general public.
Below are the top five blockchain use cases in Nigeria, along with some startups developing solutions in each area:
1.Fintech
Conventional technology has made significant strides in addressing the limitations of the services offered by Africa’s traditional banking system, including savings, payments, lending, and investment.
Despite progress, key issues persist: cross-border payments remain expensive and slow, point-of-sale transactions need to be more affordable and interoperable, financial investments require greater accessibility, and lending must be more accessible and de-risked. Several blockchain companies have emerged across the continent, working to address these challenges. This remains the most prominent blockchain use case in Nigeria, with more startups operating in this space than in others. Here are some of them:
Bitnob
Bitnob facilitates cross-border payments through its virtual cards and in-app transfers, and offers APIs that allow other platforms to provide similar services. Built on Bitcoin and the Lightning Network—a second layer on Bitcoin for quicker transactions—Bitnob was founded in 2020 by Bernard Parah, Adeolu Akinyemi, and Usman Majeed. The company reports an annualized total payment volume of $1.3 billion and claims to be currently cash-flow positive.
Canza Finance
This startup aims to evolve into a web3 bank in the future. Currently, its flagship product is Baki, which facilitates cross-border payments for businesses. Baki enables businesses to exchange currencies at official rates, helping to lower transaction costs. The startup was founded in 2019 by former AT&T employees Pascal Ntsama and Oyedeji Oluwole.
Zone
Zone operates a decentralized and regulated blockchain payment network that directly links financial institutions, removing intermediaries and allowing for instant fiat currency settlements. The platform automates reconciliation and dispute management, while offering real-time transaction transparency.
Zone was spun off from Appzone, the banking-as-a-service company founded in 2008 by Obi Emetarom, Emeka Emetarom, and Wale Onawunmi.
Major Nigerian financial institutions such as First Bank, UBA, and Zenith Bank use Zone’s peer-to-peer payment network for instant settlements. In September 2024, Baxi by Onafriq, FairMoney Microfinance Bank, and KongaPay also joined the network.
Mansa Finance
Mansa Finance is a decentralized finance (DeFi) platform offering asset-backed stablecoin lending, primarily targeting businesses, especially payment providers in need of liquidity for instant cross-border payments. The company sources capital from institutional and accredited investors. Founded by Mouloukou Sanoh, Mansa officially launched in August 2024 and claims to have processed over $10 million in transactions since then.
Onboard
Launched in 2022, this startup aims to empower users to “be their bank.” Onboard Wallet is a self-custody wallet designed for managing digital assets—cryptocurrencies, tokens, and more—without intermediaries. The platform allows users to transfer funds directly to a bank account, bypassing centralized exchanges. Additionally, users can send and receive payments in EUR and USD through the wallet.
Finna
This startup allows borrowers to obtain low-interest Naira loans by using stablecoins (cryptocurrencies pegged to the US dollar) as collateral. This model enables individuals and businesses to access Naira for immediate needs while retaining their valuable crypto assets, which may appreciate over time. Founded in 2023 by Adebayo Juwon, former Business and Operations Manager at the now-defunct FTX cryptocurrency exchange, and Agbona Igwemoh, former Chief Operations and Marketing Officer at Kylin Network, a well-known blockchain network.
Blockradar
This B2B API-based blockchain product allows fintech companies to seamlessly integrate multichain wallets, enabling their customers to make stablecoin deposits and payments. The wallet is non-custodial, giving users complete control over their funds, which are not held by BlockRadar. Founded in May 2024 by Abdulfatai Suleiman, co-founder of Lazerpay, a crypto startup that allowed businesses to accept cryptocurrency but has since shut down.
2. Cryptocurrency Exchange and Marketplace
One of the most widely adopted blockchain applications in Nigeria is cryptocurrency exchanges. These platforms enable users to buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, and others. Nigeria stands as the leading crypto market in Africa, receiving almost $60 billion of the $117.1 billion in crypto value circulated across the continent between July 2022 and June 2023. Many exchanges have broadened their offerings to include cross-border payments, investments, and savings. Here are some of the crypto exchanges operating in the country:
Quidax
Quidax is the first cryptocurrency exchange in Nigeria to be licensed by the country’s Securities and Exchange Commission (SEC), following years of strained relations, including a ban. Founded in 2017 by Buchi Okoro and Morris Eberioma, Quidax enables users to buy, sell, and store cryptocurrencies. The platform has a 24-hour spot trading volume of $7.4 million and supports over 20 cryptocurrencies. It also offers cards that allow users to make payments using cryptocurrencies.
Busha
Founded in 2020 by Michael Adeyeri and Moyo Sodipo, Busha is another licensed cryptocurrency exchange in Nigeria. It facilitates cryptocurrency trading and allows users to spend their crypto like fiat currency or earn interest on it. The company is also exploring ways to enable traders to receive crypto as payment, as stated on its website.
Yellow Card
Yellow Card allows the buying and selling of stablecoins—cryptocurrencies pegged to the dollar, such as USDT, USDC, and PYUSD. Originally focused on retail customers, the company has since shifted its focus to businesses. Yellow Card serves around 30,000 businesses across Africa, offering payments and treasury management services, primarily through stablecoins. The company was launched in Nigeria in 2019.
iExchange P2P
This company runs a peer-to-peer trading platform that connects individuals directly to exchange cryptocurrencies like Bitcoin or Ethereum for traditional currencies like Naira. Unlike traditional exchanges where users trade with the platform itself, this platform enables users to find others willing to buy or sell crypto, creating a decentralized marketplace.
Bitmama
Bitmama allows users to buy, sell, and trade a range of cryptocurrencies, including Bitcoin, Ethereum, and USDT. It also provides a stablecoin-backed card that lets users spend cryptocurrency like fiat currency. The company was founded in 2017 by Ruth Iselema.
3. Tokenization of Real-World Assets (RWA)
Blockchain technology seeks to enhance accessibility, and one of the ways it does so is through “tokenization.” This involves converting real-world assets such as stocks, real estate, or art into digital tokens.
Historically, these assets were primarily accessible to the wealthy. However, by tokenizing them, individuals can purchase smaller portions, making them more affordable for the average person. This is significant as it creates new investment opportunities for a broader audience. Here are some startups working with this blockchain use case:
Xend Finance
This startup facilitates the transfer of real-world assets, such as real estate, onto the blockchain. This allows individuals to own fractional shares of these assets, similar to owning a small portion of a company’s stock. When you hold a share of a property through the blockchain, you can earn income from sources like rent or dividends. Additionally, you can easily buy and sell your share using digital tokens.
Xend Finance asserts that it has partnered with Risevest, a prominent investment platform, to enable people to invest in tokenized real estate.
The company was founded in 2019 by Ugochukwu Aronu and Emmanuel Okoro, initially starting as a platform for cryptocurrency-based transfers and bill payments.
Hashgreed
Founded in 2021, the startup provides digital assets backed by real estate. It is licensed by Nigeria’s SEC and collaborates with capital market operators, including licensed custodians, asset managers, brokers, issuing houses, and its own Lagos state-registered digital cooperative network, Hashgreed Domain.
House Africa
Founded in 2019, House Africa allows users to purchase fractional shares of properties. The platform also gathers extensive data on property prices and demand in various areas, helping investors assess the value of their investments and make informed decisions. Investors can easily track property price trends and sell their shares at any time.
Super migrate
As more assets are tokenized, the demand for tools that facilitate the easy transfer of tokens across different blockchain networks is growing. Super Migrate, founded by Emmanuel Njoku, is gaining popularity as a solution for moving tokens between blockchains.
Njoku’s previous product, Base Migrate, which facilitated the transfer of tokens to the Base network (developed by Coinbase), has already been used to move more than 28 different token projects, collectively valued at over $1 billion.
4. Gaming
Blockchain technology is gaining traction in gaming, allowing users to track in-game items and currencies. Its transparency ensures that cheating is prevented. Additionally, players can earn rewards such as digital items, tokens, or even cryptocurrency simply by playing. These rewards can be used within the game or sold for real money.
Some platforms allow users to place bets on games, sports, or real-life events. Companies in this space include:
Play1st
Play1st, a subsidiary of Carry1st, is a Web3 gaming app store that allows African game developers to create and publish blockchain-based games.Carry1st , its parent company, is supported by prominent investors such as Andreessen Horowitz, Google, and Riot Games, the maker of League of Legends.
Gamic
Gamic is a popular Web3 social communication platform focused on gaming. It offers features like a cryptocurrency wallet service, community management tools, and an NFT airdrop program, which are highly sought after by eSports teams and gaming guilds. The platform was founded in 2021 by Nnamso Anthony, Chike Okonkwo, Ukeme Okuku, and Michael Anyi.
Soccersm
Soccersm is a blockchain-based gaming platform that enables users to predict and place bets on the outcomes of various events, including sports games, elections, and cryptocurrency prices. The startup was founded in 2023 by Vicentia Asilevi.
Awujo
Awujo is a gaming platform where players can compete in solo and group tournaments to earn money. It offers a diverse selection of games and builds a strong community through tournaments and events, connecting players and creating a lively gaming ecosystem. The platform was founded in 2021 by Toyosi Abolarin and Francis Vesta.
5. Healthcare
Blockchain technology functions as an immutable ledger, meaning once data is recorded, it cannot be altered or deleted. This makes it ideal for ensuring data integrity, which is especially important in healthcare, where counterfeit drugs and inaccurate patient information can lead to serious consequences.
The need for interoperability in healthcare data is increasing, enabling seamless information sharing between different providers. Ensuring secure and efficient data exchange is one of the most prominent blockchain use cases in healthcare.
In addition to ensuring data integrity, blockchain can improve financial security in healthcare. By allowing real-time tracking of transactions, it helps prevent fraud and quickly detect any attempts to alter financial records. This is essential in a sector where accurate and trustworthy financial data is critical.
As the African healthcare industry embraces electronic records to address some of these challenges, here are some startups leveraging blockchain to tackle the issue:
Chekkit
Founded in 2018, Chekkit is a software-as-a-service startup that utilizes blockchain technology to combat counterfeiting and enhance supply chain transparency. It enables businesses to track their products from production to the final delivery.
DrugStoc
Similar to Chekkit, DrugStoc focuses on eliminating counterfeit and substandard medicines. The company works to guarantee the safety and efficacy of medicines throughout the entire supply chain, from manufacturers to end consumers. Founded in 2015, DrugStoc also ensures transparency and fairness in medication pricing.
mPharma
mPharma leverages blockchain technology to enhance the distribution of medicines. By tracking the movement of medications, it helps reduce waste and ensures patients have access to the necessary medicines. The Ghanaian startup expanded into Nigeria in 2023.
Mediverse
Founded in 2021, Mediverse offers voice-controlled electronic health records software built on blockchain technology. It allows healthcare workers, including those in remote areas with or without internet access, to input and access patient records using their voice on any device. Doctors can dictate notes through an AI assistant called Luku, while patient data is securely captured and stored on the blockchain.
