Obiex Expands to Ghana and South Africa After Hitting $1bn Crypto Swap Milestone
Originally launched in 2016 under the name Paylot as a crypto payment gateway, the company shifted direction after discovering that users were more interested in converting digital assets to local currency than paying merchants with crypto.
Nigerian cryptocurrency platform Obiex is moving into its next growth phase, setting its sights on Ghana and South Africa after recording more than $1 billion in swap transactions. Kenya is also part of the company’s broader African expansion plan, marking its evolution from a local crypto conversion service into a regional digital asset infrastructure player.
Originally launched in 2016 under the name Paylot as a crypto payment gateway, the company shifted direction after discovering that users were more interested in converting digital assets to local currency than paying merchants with crypto. A rebrand to Obiex followed, along with a sharper focus on liquidity and fast off-ramp services.
Another major turning point came in 2021 when Nigeria’s central bank restricted banking relationships with cryptocurrency firms. During that period, Obiex identified a key challenge faced by high-volume peer-to-peer traders: losses caused by price fluctuations while waiting for blockchain confirmations. The company responded by building a system that allows users to secure exchange rates instantly, reducing exposure to market volatility during transaction processing times. That feature has since become central to its appeal among both individual traders and larger operators.
Despite operating without venture capital funding, Obiex has recorded rapid growth. Annual swap volume rose from $588 million in 2024 to $1 billion in 2025. Gross transaction value reached $9 billion last year, bringing cumulative volume since its 2021 strategic shift to over $20 billion. Retail customers account for the majority of trading activity, while business clients contribute more than a quarter of total volume. On average, active users transacted over $200,000 during the year. Beyond its direct platform, the company also provides wallet and backend services to a dozen other Nigerian crypto exchanges.
With operations already established in Cameroon, Obiex is prioritizing three markets where digital asset use is rising quickly. Ghana tops the list, supported by emerging regulatory clarity following a recent policy framework on virtual assets. The company is exploring partnerships with local payment providers as it prepares market entry.
South Africa represents another key opportunity. Although the user base there is currently smaller, transaction sizes are higher. Obiex is in discussions with regulators and participating in licensing pathways aimed at enabling full-scale operations.
Kenya is also on the roadmap due to strong crypto adoption trends. The company is pursuing the necessary approvals to ensure compliance as it builds its East African presence.
Obiex generates revenue through spreads on swaps rather than traditional transaction fees, a model that has allowed it to remain self-funded while scaling. The firm’s leadership sees its Nigerian momentum as the foundation for becoming a continent-wide alternative to global crypto exchanges.
