Quidax, the first digital assets exchange to receive a provisional licence from Nigeria’s Securities and Exchange Commission (SEC), has expanded its stablecoin infrastructure to support transactions across 21 countries and 14 currencies, strengthening its cross-border payment capabilities for startups, fintechs and global enterprises.
The company said the expansion is aimed at simplifying the movement of value across Africa and key international markets by providing faster, lower-cost payment infrastructure built on stablecoins.
What the data is saying
Quidax says its expanded infrastructure is designed to address the high cost and slow speed of cross-border payments across Africa.
Key highlights include:
- The platform now supports transactions across 21 countries and 14 currencies.
- Africa is estimated to lose about $5 billion annually to cross-border payment fees and settlement inefficiencies.
- Traditional cross-border payments within Africa can take up to seven days to settle.
- Such transactions can cost up to 13% of the payment value, more than double the global average of 6%.
- Quidax says its stablecoin-powered infrastructure settles cross-border payments in less than 48 hours without relying on correspondent banks.
- The company also states that transaction costs are below the global average and aligned with the G20 and United Nations Sustainable Development Goal (SDG) target of 5% for remittance costs.
The expansion reflects growing interest in blockchain-based payment infrastructure as businesses seek more efficient alternatives to conventional international transfers.
More insights
Cross-border payments remain one of the biggest challenges facing businesses operating across African markets.
Most transactions between African countries still pass through correspondent banking networks outside the continent, increasing settlement times, transaction costs and operational complexity.
Stablecoins—digital assets typically pegged to traditional currencies such as the US dollar—are increasingly being adopted as settlement infrastructure because they can facilitate faster, lower-cost transfers while reducing dependence on multiple intermediary banks.
Quidax’s expansion also comes as regulators across Africa continue to develop frameworks for digital assets, with Nigeria introducing licensing requirements aimed at promoting innovation while strengthening consumer protection and regulatory oversight.
Commenting on the expansion, Buchi Okoro, Chief Executive Officer and Co-Founder of Quidax, said the company aims to eliminate what he described as an “African border levy” that businesses and individuals effectively pay whenever they move money across the continent.
What you should know
The latest expansion strengthens Quidax’s position in Africa’s growing digital payments ecosystem.
Key highlights include:
- Quidax has expanded its stablecoin infrastructure to 21 countries and 14 currencies.
- The company aims to reduce the cost and settlement time of cross-border payments.
- Traditional African cross-border payments can take up to seven days and cost as much as 13% of transaction value.
- Quidax says its infrastructure settles payments in under 48 hours without correspondent banks.
- The expansion follows Quidax’s achievement as the first digital assets exchange to receive a provisional SEC licence in Nigeria.
As demand for faster and more affordable cross-border payments continues to grow, stablecoin-based infrastructure is increasingly emerging as an alternative to traditional banking rails. The pace of adoption, however, will continue to depend on regulatory developments, market acceptance and the ability of providers to maintain secure, compliant and reliable payment networks.
