Conduit
Stablecoin orchestrator
B2B cross-border payments using stablecoin rails; corridor-agnostic API. (Fee structure: typically percentage-based volume fees rather than flat dollar network/withdrawal fees).
03 · Competitive landscape
Who does what, honestly 🛡️
Quidax has a head start, but it's a race. This is every Nigerian exchange and B2B rail that a fintech CTO would evaluate in the same RFP. No false exclusivity claims — just what each player actually offers today.
06 · Who does what, side by side
Two players have the full stack. Here's what separates them.
Yellow Card has shifted to a B2B-only model across about 20 African countries but isn't deep in naira. Busha now has a strong B2B offering too (APIs, treasury, OTC desk), and they're SEC-licensed like Quidax. Luno is a trusted retail brand without an API. So the real competition is Quidax vs. Busha for the naira B2B API crown. Quidax's edge: enterprise-grade USDT/NGN liquidity and an early cNGN listing. That advantage is real but not permanent. 💡
Quidax row is verified live · others manually checked against public sources · each row carries its own confidence rating
| Player | Positioning | B2B API | Verified NGN markets | NGN focus | Africa countries | Stablecoin focus | NG SEC | Notable edge |
|---|---|---|---|---|---|---|---|---|
Quidaxsubject highv 2026-06-01 | NGN-native exchange + API for African fintechs | yes | 10 | core | 4 | high | SEC | Listed cNGN on March 12, 2025 (per Quidax corporate blog), five weeks after Busha's February 3 debut (per TechCabal); enterprise-grade USDT/NGN liquidity |
Yellow Card Company-announcedv 2026-06-01 | B2B-only stablecoin infrastructure (retail discontinued January 1, 2026) | yes | 0 | none | 20 | high | none | Pan-African B2B stablecoin infrastructure; deep enterprise GTM across 20 African markets. Discontinued all retail trading as of January 1, 2026 (app deactivated, users required to withdraw funds by Dec 31, 2025). Holds a December 2023 Certificate of Entry into the Register of Business within Virtual Currencies — not a full SEC provisional licence equivalent to Busha or Quidax. |
Busha SEC-provisionalv 2026-06-01 | Retail-first SEC-licensed Nigerian exchange | yes | 16* | core | 1 | medium | SEC | Strong retail UX, SEC-licensed alongside Quidax, recurring-buy and USD-card features. Busha Business offers full B2B infrastructure: stablecoin on/off-ramp APIs, treasury management, OTC desk, and developer APIs. |
Luno Verifiedv 2026-06-01 | Retail exchange (Singapore-owned, Pan-African + global) | no | 14 | secondary | 3 | low | unknown | Trusted retail brand expanding into staking and tokenized US stocks. Operates in 3 African markets (Nigeria, South Africa, Kenya); no NGN-native B2B API. Regulated and active in Nigeria, but exact SEC VASP status is unknown. |
Roqqu medv 2026-06-01 | Retail exchange + virtual cards | no | 10 | core | 5 | medium | unknown | USD virtual cards, futures trading (launched 2025), EU-licensed via Lithuania. Expanded into East Africa via verified Flitaa acquisition (July 2025, first intra-African crypto M&A). |
Confidence levels: high= pulled directly from the row's source; medium = inferred from credible public sources; low = best estimate from market signals. Every source for every row is on the methodology page.
* Estimated NGN market depth parity based on supported assets. Busha's UI does not explicitly isolate NGN order books from global pairs.
06b · Other companies a fintech might compare Quidax to
The other shortlist on a fintech CTO's desk
When a Nigerian fintech shops for crypto rails, it's not just exchanges on the list. Conduit, Bitnob, Stables, and Yellow Card OTC compete with Quidax-as-an-API — but they don't run a naira order book, so they're compared separately. 📝
Visit
Bitnob
Crypto-native PSP
Africa-first Bitcoin/stablecoin business and remittance API; strong NG developer mindshare. Actively partnered with Strike for cross-border US-Africa Lightning/stablecoin settlements.
Stables
Treasury platform
USD-stablecoin treasury account with virtual card issuance; appeals to SME treasurers. Strategic partnerships with Mastercard and Circle for global card processing.
Yellow Card OTC
OTC rail
Counted separately from the exchange matrix: enterprise OTC is the real adjacent buyer. Deep liquidity network powered by API integrations and enterprise partnerships across 20 African nations.
These are real adjacent buyers, not retail competitors. They sit closer to selling Quidax-as-an-API than to a retail order book, which is exactly why the B2B sizing below treats "embedded crypto" and "cross-border settlement" as separate revenue lines.