Shawn Exchange has launched ShawnX, a mobile application now available on Apple’s App Store and Google Play Store, as it seeks to expand its footprint in Nigeria’s rapidly growing digital asset market. The app brings together cryptocurrency trading, gift card exchange, and digital payment services on a single platform, with the company targeting 100,000 active users during its initial growth phase.
Founder and Chief Executive Officer, Ajayi Oluwadamilare Michael, described ShawnX as a bridge between cryptocurrency and the naira, adding that the platform is designed to support future cross-border payment services across Africa. The application allows users to buy and sell cryptocurrencies using the naira, convert fiat currency into digital assets, trade gift cards for instant cash, and purchase airtime and mobile data.
The launch comes as Nigeria continues to rank among Africa’s largest cryptocurrency markets. According to Securities and Exchange Commission (SEC) Director-General Emomotimi Agama, the country has recorded an estimated $96 billion in virtual asset transactions. Industry estimates also suggest that more than 22 million Nigerians have owned or used cryptocurrencies, placing the country among the world’s leading markets for digital asset adoption.
Nigeria’s regulatory framework for digital assets has evolved significantly in recent years. While the Central Bank of Nigeria (CBN) directed deposit money banks in 2021 to stop facilitating cryptocurrency transactions, the Investment and Securities Act (ISA) 2025 formally brought digital assets under the SEC’s regulatory oversight, granting the commission explicit powers to license and supervise Virtual Asset Service Providers (VASPs). The SEC has also strengthened collaboration with the CBN, the Economic and Financial Crimes Commission (EFCC), and other relevant agencies to enhance oversight and consumer protection.
Despite the market’s growth potential, competition remains intense, with much of Nigeria’s retail cryptocurrency trading taking place on established global exchanges and peer-to-peer platforms. For Shawn Exchange, achieving its 100,000-user target will depend on factors including platform reliability, transaction speed, competitive pricing, security, customer experience, and compliance with Nigeria’s evolving regulatory requirements.
Nigeria remains one of the world’s most active cryptocurrency markets, and the introduction of new regulated digital finance platforms reflects increasing efforts by fintech firms to expand access to digital financial services while adapting to a more structured regulatory environment.
