In late 2017, as Bitcoin approached $20,000 and global interest hit fever pitch, Moyo Sodipo ran into a problem many Nigerians still face today: there was no easy way to buy or sell crypto locally.
“I had to ask someone in the U.S to help me buy Bitcoin and send it over. You always had to depend on someone,” he recalls.
That friction led Sodipo and his Co-Founders – a 5-person crew bonded from their Jumia days – to build Busha, a simple, accessible crypto trading app for Nigerians.
By 2019, after a private beta and fully bootstrapped effort, Busha launched publicly.
At the time, Nigeria’s crypto regulatory landscape was a blank canvas – no ban, no clarity. But Busha was proactive.
“Even in 2018, we reached out to the SEC and said, ‘Here’s what we’re building. We know there’s no framework, but regulate us anyway,’” Sodipo says.
That compliance-first stance – emphasizing KYC and transaction monitoring – would later become vital to their survival.
CRYPTO EXCHANGE | Nigerian Exchange, BuyCoins Africa, Shutting Down Buycoins Pro Service
BuyCoins initially launched with a single app in 2017. However, it transformed into Basic and Pro versions, the Basic version catering to buying and selling (investing) in digital… pic.twitter.com/MCqR0Dco6i
— BitKE (@BitcoinKE) January 2, 2024
Development began in early 2018, led by Co-Founder and engineer, Michael Adeyeri, who wrote Busha’s first lines of code. The team juggled multiple roles: support, product, finance, ops, marketing – handled entirely in-house.
“We were more than colleagues,” Sodipo says. “We’d known each other over a decade. Almost like brothers.”
Validation came during the 2020 COVID-19 lockdown. While global markets crashed, Busha saw users buying the dip.
“That moment showed us we’d built something essential,” he says.
Close to Half of All P2P Bitcoin Volumes in Africa are Driven by Nigeria, the Continent’s Most Populous Nation, Latest Report Shows | @BitcoinKe https://t.co/EBJJZcHqDQ
— Kenyan Blogs & Vlogs (@BestKenyanBlogs) October 26, 2020
On February 5, 2021, the Central Bank of Nigeria (CBN) issued a circular banning banks from processing crypto transactions.
“We call it Crypto Black Friday,” Sodipo says.
“It was chaos. I saw the circular on Twitter. My phone blew up. Customers panicked. Partners shut us off. Payment processors disappeared.”
[TECH] The Central Bank of Nigeria Warns Financial Institutions Against Facilitating Crypto Payments with Crypto Exchanges: The Central Bank of Nigeria (CBN) has put out a circular notifying financial instit.. https://t.co/bTmivmEjme via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) February 5, 2021
Busha had to act fast. Withdrawals were processed manually. No time for meetings – only survival.
“If customers can’t access funds, you’re finished,” he says.
That crisis unexpectedly united the industry. Competing platforms joined a WhatsApp group to strategize, breaking the silence and silos that previously defined the space.
Even employees faced personal risks. Banks shut down accounts – including staff salary accounts – without warning. Yet, the 30 – 40 person team powered through, often putting in extra hours just to keep operations alive.
REALITY CHECK | Nigerian Banks and Fintechs Remain Wary of Crypto Despite New Licenses
Despite the SEC’s issuance of provisional licenses to Quidax and Busha, senior executives at major fintech startups report that banks are ignoring these licenses.
Until clarity is achieved,… pic.twitter.com/ae0NoSUoB9
— BitKE (@BitcoinKE) September 10, 2024
By June 2021, Busha had stabilized. The team reached out to every returning user, guided them through new processes, and encouraged referrals. Their transparent, always-on support became a lifeline.
“We went back to the trenches and rebuilt everything from scratch,” Sodipo says.
Later that year [2021], as reported by BitKE, Busha raised a $4.2 million seed round led by Jump Capital – proof of their resilience.
“We’d survived the ban, rebuilt trust, and grown – without external funding. That’s rare.”
Nigeria Exchange, Busha, Raises $4.2 Million for Grow its 200,000 User Base to 1 Million: https://t.co/fuWV0p6eAT @getBusha
— BitKE (@BitcoinKE) November 26, 2021
In December 2023, the CBN finally reversed its stance and allowed banks to work with crypto firms again.
“For a moment, I just sat there,” Sodipo says. “It was the happiest day of my life as a founder.”
REGULATION | The Central Bank of #Nigeria Lifts the 2021 Banking Restrictions on Cryptocurrency Exchanges and VASPs
In a circular sent to the banks and financial institutions in Nigeria, the Central Bank (CBN) guided that the new regulation supersedes previous instructions on… pic.twitter.com/Eeheb2yjgu
— vid.ken (@vid_kenNFT) December 24, 2023
The relief was real. No more workarounds. No more shadows.
By 2024, Nigeria’s SEC launched the Accelerated Regulatory Incubation Program – a framework to formally license crypto platforms. Thanks to its early compliance efforts, Busha became one of the first exchanges to receive a provisional license.
“That license was a reward for all the hardship. Now we can walk into any bank, any boardroom, and say: we’re licensed,” says Sodipo.
REGULATION | Nigeria SEC Issues a Notice for Onboarding VASPs in 30 Days Due to ‘Current Realities’
Following the 30-day-period, the Commission indicated that it would commence enforcement action against any operating VASP that fails to comply with the directives.… pic.twitter.com/ThvMC4MwFQ
— BitKE (@BitcoinKE) June 22, 2024
Internally, it was a turning point. “No more fear. Our team could finally wear their crypto badges with pride.”
Today, Busha serves over 800,000 users, with 10% monthly actives. It’s expanded to Kenya, and launched Busha Yield (for crypto interest) and Busha Spend (to use crypto at retail outlets).
Sodipo believes one of the biggest lessons from the journey is education – for customers, regulators, and the public.
“Back in 2019, crypto was synonymous with Ponzi schemes. Now, with stablecoins and real-world use cases, it’s different.
People are seeing the utility.”
When asked what’s stayed with him over the years, he pauses:
“If you’re building in a misunderstood space like crypto, pushback is inevitable.
Resilience in crisis isn’t optional – it’s the only way to survive. We reached out to regulators before they had rules. We didn’t wait to be caught off guard.”
REGULATION | Additional Level of Due Dilligence Needed Before We Announce Next Set of Provisional Crypto Licenses, Says Nigeria SEC Chief
The commission is collaborating with @officialEFCC, NFIU, and ONSAhttps://t.co/54gwAOeiq4 @SECNigeria pic.twitter.com/yHtzs87CG6
— BitKE (@BitcoinKE) April 16, 2025
Would he do it all again?
“Absolutely. The journey’s been wild – but we’re just getting started.”
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