Crypto On/Off Ramping Solutions in Africa

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While digital finance offers local currency loans, DeFi, in many cases, requires on/off crypto ramping for the local currencies. In this post, we look at the on/off crypto ramping solutions in Africa. New projects are expected to develop more convenient options for the web3 service users in the region. 👽

Photo: Bitcoins and u.s dollar bills by Pexel by Canva

On-ramp refers to the process of converting fiat currency into cryptocurrency. It currently typically includes services such as cryptocurrency exchanges and peer-to-peer platforms, where users purchase cryptocurrency via payment methods such as bank transfers, credit/debit cards, and more recently, mobile money.

Off-ramping, on the other hand, refers to the process of converting cryptocurrency back into fiat currency. Users can use cryptocurrency exchanges and other services to sell cryptocurrency to fiat, withdraw it to their bank account, or receive it as mobile money.

Although efficient on- and off-ramping services in Africa will play an important role in cryptocurrency adoption and diffusion, African local currencies currently face the challenges of limited coverage and high volatility compared to major fiat currencies on crypto exchanges. Regulatory uncertainties further impede the development of on/off ramping infrastructure.

Figure 5. Cryptocurrency Regulation Status of African Countries

Source: Countries That Use Cryptocurrency 2024 by World Population Review

However, there are some positive developments, such as the expansion of crypto exchanges in Africa, increased integration with mobile money, and the emergence of new services such as swap with airtime. More convenient, cheaper, and faster services will further increase the benefits of using cryptocurrencies for the purposes such as value storage and remittance and will trigger the widespread adoption of crypto assets in Africa.

Below is the list of on/off ramping solutions in Africa. Note that the services listed below are selected by their presence in the crypto space in Africa based on our own research. Available currencies are listed to our knowledge. Fund information is from publicly available data including Crunchbase.

1. Bitmama (United States)

Year Founded: 2018

On/Off Ramp Available Currencies:
African FIAT: NGN, GHS, KES
Cryptocurrencies: USDT, CUSD, USDC, BTC, ETH, CELO, XLM, XRP

Fund: Raised $2.5M from Adaverse, Launch Africa, Unicorn Growth Capital, Flori Ventures etc. in their pre-seed round in 2021-2022. Raised funding from Mercy Corps Ventures in their seed round in 2023.

2. Busha (Nigeria)

Year Founded: 2018

On/Off Ramp Available Currencies:
African FIAT: NGN
Cryptocurrencies: USDT, USDC, NGNT, BTC, ETH, LTC, XRP, BNB, SOL, MATIC, ADA, XLM etc.

Fund: Raised $4.2M from Jump Capital in their seed round in 2021.

3. Kotani Pay (Kenya)

Website: https://kotanipay.com/

Year Founded: 2020

On/Off Ramp Available Currencies:
African FIAT: KES, GHS, XAF, ZMW, ZAR, XOF, UGX, NGN, ETB, AED
Cryptocurrencies: USDT, USDC, CUSD etc.

Fund: Granted $161k from UNICEF Innovation Fund etc. in 2021, followed by $1.3M from P1 Ventures etc. in their pre-seed round in 2021-2022. Granted $150k from Financial Solutions for Migrants program in 2022-2023. Raised $2.5M from Adaverse, P1 Ventures, Luno, Flori Ventures etc. in their pre-seed round in 2023.

4. Ovex (South Africa)

Website: https://ovex.com/

Year Founded: 2017

On/Off Ramp Available Currencies:
African FIAT: ZAR, GHS, KES, NGN, TZS, UGX, XOF, BWP
Cryptocurrencies: USDT, USDC, ZARP, BTC, ETH, ADA, BNB, LTC, MATIC, SOL, XRP etc.

Fund: Raised funding from Newton Partners, Invictus Capital etc. in their seed round in 2019. Raised $9M from Alameda Research etc. in 2021-2022.

5. Paychant (United Kingdom)

Year Founded: 2019

On/Off Ramp Available Currencies:
African FIAT: NGN, KES, GHS, UGX, ZMW
Cryptocurrencies: USDT, USDC, CUSD, DAI, CEUR, ETH, BNB, MATIC, XLM, SOL, LTC etc.

Fund: Raised $500k from Flori Ventures etc. in their pre-seed round in 2020-2021. In 2022, received funding from CoinList Seed.

6. Quidax (Malta)

Website: https://www.quidax.com/

Year founded: 2017

On/Off Ramp Available Currencies:
African FIAT: NGN
Cryptocurrencies: BTC, ETH, LTC, DASH, TRX, XRP

Fund: Raised $620k from Techstars etc. in their seed round in 2018 and 2020. Raised $3M in their initial coin offering (ICO) in 2021.

7. Yellow Card (United States)

Year founded: 2016

On/Off Ramp Available Currencies:
African FIAT: all major FIAT
Cryptocurrencies: USDT, USDC, CUSD, BTC, ETH, ADA, SOL, Matic, XAUt

Fund: Raised $1.5M from Metal VC etc. in their seed round in 2019-2020. Raised $15M from Castle Island Ventures, Third Prime, Valar Ventures etc. in their series A round in 2021. Raised $40M from Polychain etc. in their series B round in 2022.

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