Coinbase Partners with Onboard Global to Expand Crypto Access in Nigeria

Coinbase has teamed up with Onboard Global to offer a seamless and secure cryptocurrency trading experience in Nigeria. This partnership allows users to buy crypto using local currency through a peer-to-peer (P2P) exchange with improved verification processes and reduced fees. Notably, transactions under $100 do not require identity (ID) verification, making crypto more accessible.

Previously, Coinbase steered clear of Nigeria, citing high-risk concerns. Additionally, in early 2024, Nigerian authorities cracked down on major cryptocurrency exchanges like Binance, blaming them for destabilizing the local currency. However, recent leadership changes at Nigeria’s Securities and Exchange Commission (SEC) have led to a shift toward regulating the industry. Two local digital asset exchanges have already received operating licenses, and more approvals are expected in 2025.

Onboard Global Takes Over Risk Management

Under this collaboration, Onboard Global will handle user verification and risk management, allowing Coinbase to avoid direct regulatory challenges. The partnership also integrates Base, Coinbase’s layer-2 blockchain network, which is built on Ethereum. Base enables faster, lower-cost transactions and access to over 540 tokens.

Onboard Global is also working with Onramper to provide multiple payment options for users. Customers can buy cryptocurrency from various liquidity providers, including Yellow Card, Coinify, Neocrypto, Alchemy Pay, and Localramp. They can fund virtual accounts through bank transfers or buy directly from P2P merchants.

According to Coinbase, this initiative marks the beginning of a broader expansion. Nigeria is the first country to benefit from easier access to Onboard’s P2P exchange, but Onboard plans to introduce its payment solutions in over 50 countries. Support for Argentina, India, Indonesia, Kenya, the Philippines, and Turkey is expected soon.