As African crypto adoption continues to mature, Nigerian exchange Obiex is expanding strategically across the continent — not by “planting flags,” but by identifying markets where crypto usage is already happening.
In an interview with CoinAfrica, Jerome Ikechukwu, Co-founder and CEO of Obiex, outlined the company’s rationale for expanding into Ghana, Kenya, South Africa, and Cameroon, and how regulatory readiness, liquidity flows, and real-world demand are shaping its 2026 strategy.
Obiex currently serves over 70,000 users in Nigeria, where transaction volumes reach billions of dollars annually. But according to Ikechukwu, the long-term opportunity lies beyond national dominance.
“The real opportunity is to make these markets interoperable, not just to collect them as individual territories.”
Why Ghana, Kenya, South Africa, and Cameroon?
According to Ikechukwu, the expansion is not a bandwagon move.
“If you zoom out,” he explains, “you see the same forces that drove early crypto adoption in Nigeria: freelancers getting paid, traders cycling between assets, and informal businesses settling in local fiat via peer networks.”
However, each market shows different usage patterns.
- Cameroon shows stronger on-ramp activity.
- Ghana leans more heavily toward off-ramping.
- Kenya combines strong crypto usage with a deep mobile money infrastructure.
- South Africa operates in a more mature, formally regulated environment.
Obiex assessed each country based on the balance between on-ramp and off-ramp demand, regulatory trajectory, and the predictability of banking relationships.
“In Ghana, regulators are actively building a virtual asset framework. Kenya combines strong adoption with mobile money infrastructure. South Africa offers formal licensing and bank integration. Cameroon has no formal framework yet, but adoption is happening anyway.”
For Obiex, expansion is about identifying markets where “usage patterns and user needs are aligning.”
Navigating Regulation and Banking Relationships
Regulation remains one of the most complex elements of African crypto expansion. Obiex is approaching this proactively.
In Ghana, the company has completed its VASP license application and is working closely with regulators as frameworks evolve. Kenya and South Africa offer clearer structures, though Obiex remains in feasibility assessment in East Africa before finalizing partnerships.
“Our advantage is that we’ve already navigated Nigeria’s regulatory shifts,” Ikechukwu says. “That institutional knowledge will carry over into new markets.”
South Africa, despite a smaller user base, has shown sufficient transaction volume to justify regulatory engagement. Meanwhile, Obiex’s OTC desk is signaling rising cross-border activity across Africa — suggesting untapped demand.
See more related: Africa Crypto Trends February 2026: Weekly Market Intelligence
Can Any Market Overtake Nigeria?
For now, Nigeria remains Obiex’s largest market by volume and liquidity.
“We don’t expect Ghana, Kenya, South Africa, or Cameroon to overtake Nigeria in the near term,” Ikechukwu admits.
But the CEO isn’t focused on single-market dominance.
“What excites me is not whether Ghana overtakes Nigeria, but whether a user in Accra can access liquidity from Lagos or a Kenyan trader can settle seamlessly into the South African rand.”
The long-term vision is a networked African crypto ecosystem — not a hierarchy dominated by one country.
“If we execute well, our revenue distribution five years from now should look like a network, not a hierarchy.”
Where Next After Ghana, Kenya, and South Africa?
Obiex’s streamlined 2026 strategy prioritizes:
- Kenya
- Cameroon
- Ghana
- Deeper expansion in South Africa
- Potential entry into Uganda
The company is tracking two main signals:
- Regulatory clarity
- Existing user behaviour
Rather than pursuing markets that require heavy education, Obiex is targeting countries where crypto activity already exists but remains inefficient.
“We’re not planting flags. We’re looking for where people already move money, only inefficiently.”
Rwanda, for example, is not an immediate priority due to early-stage adoption that would require significant groundwork.
As a bootstrapped company, Obiex is prioritizing volume viability and regulatory predictability over aggressive territorial expansion.
Crypto Is Moving From Speculation to Infrastructure
Looking ahead, Ikechukwu believes crypto’s future in Africa will be driven less by speculation and more by utility.
He points to a recent example: a global streamer visiting Africa and settling a fashion purchase instantly in stablecoins via smartphone.
Without crypto, such a transaction would likely involve:
- Card clearance uncertainty
- FX conversion fees
- Bureau de change friction
- Delays and transaction limits
“What took seconds would have taken minutes or longer,” he says.
According to Ikechukwu, crypto is shifting from an asset people hold to infrastructure people use.
“As regulation matures, crypto will increasingly serve as an alternative payment method. Stablecoins will be a major part of that shift.”
Editorial Takeaway
Obiex’s strategy reflects a broader truth about African crypto markets: the future lies not in isolated adoption stories, but in interoperable liquidity corridors across the continent.
If Nigerian liquidity can power Ghanaian payments, Kenyan traders can access South African rails, and regulatory clarity continues to improve, Africa’s crypto ecosystem may evolve into a unified digital financial network.
For Obiex, the question is not which country wins — but whether African markets can move money seamlessly between themselves.
