Zap Africa
Category: AI in Fintech
Nigeria's first non-custodial cryptocurrency exchange and digital wallet platform Zap Africa was founded in 2023. The company is led by Tobiloba Asu-Johnson. Based in Lagos, Nigeria. Team size: 1-10. Total funding raised: $300,000. Latest round: Pre-Seed. Key investors include Benjamin Oyemonlan (CEO of Platnova).
- Founded
- 2023
- Headquarters
- Lagos, Nigeria
- Team size
- 1-10
- Total funding
- $300,000
Value proposition
Non-custodial crypto exchange enabling users to buy, sell, swap, and send cryptocurrencies while maintaining full control of their private keys and assets
Products and solutions
Zap Exchange (non-custodial crypto trading platform supporting BTC, ETH, BNB, USDT), Zap Desk (WhatsApp-based crypto trading service), Zap Wallet (non-custodial wallet)
Unique value
Nigeria's first non-custodial exchange — users retain full control of private keys; branded as "Fastest Crypto Exchange in Nigeria"; WhatsApp-based trading for accessibility; mobile-first design for emerging markets
Target customer
Nigerian and African retail crypto users, unbanked/underbanked individuals, and businesses needing crypto-to-fiat conversion
Industries served
Cryptocurrency / Fintech / Financial Services
Technology advantage
Non-custodial architecture eliminating counterparty risk; mobile-first infrastructure; WhatsApp-based trading (Zap Desk); EU VASP license (Lithuania) for regulatory compliance; integration with Martha AI (from Cognito Systems) for AI-driven customer support
How they differentiate
First-mover as Nigeria's first non-custodial exchange; users control private keys unlike custodial competitors; WhatsApp-based trading lowers barrier to entry; EU VASP license provides regulatory credibility; AI-powered customer support via Martha AI
Main competitors
Quidax (Nigerian crypto exchange), Busha (Nigerian crypto exchange), Patricia (Nigerian crypto platform)
Key partnerships
Benjamin Oyemonlan / Platnova (lead investor and strategic partner), Infusion Lawyers (legal/regulatory), Cognito Systems / Martha AI (AI customer support integration)
Major milestones
Founded 2023, Launched Nigeria's first non-custodial exchange (2023), Raised $300K pre-seed (May 2024), Secured EU VASP license in Lithuania (May 2024), Processed ₦2B in first 3 months (2024), Grew to 50,000+ users (2025), Trademark dispute with Paystack (2025), Integrated Martha AI for customer support, Restructured workforce from 18 to 10 employees (Feb 2026)
Growth metrics
50,000+ users; $17M+ in total crypto transactions processed; $100K monthly revenue (as of 2025); $500K weekly transaction volume; ₦2B (~$2.6M) processed in first 3 months; 10,000 users onboarded in 6 hours via $TRUMP coin campaign
Market positioning
Early-stage challenger positioning as the trusted, non-custodial alternative in Nigeria's crypto exchange market, targeting users who value asset ownership and security after the FTX collapse and Patricia hack eroded trust in custodial platforms
Geographic focus
Nigeria (primary), with EU VASP license enabling potential expansion into European markets
About Tobiloba Asu-Johnson
Co-founder & CEO of Zap Africa; Founder of Homzes Property (real estate); Master's in Business Management from Manchester Metropolitan University, UK; BSc Computer Science from Federal University of Agriculture, Abeokuta
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Official website: https://zap.africa