Digital wallet service Onboard 3.0, funded by Coinbase, has secured 10,000 users merely two months following its debut.
In the rapidly evolving world of blockchain technology, global regulations are taking shape, paving the way for an influx of innovative products. One such company that is making waves is Onboard, a fintech startup based in Nigeria.
Last year, the Nigerian Security and Exchange Commission (SEC) invited Virtual Asset Service Providers (VASPs) to apply for admission into its incubatory program. This program is designed to nurture and support emerging blockchain companies, and Onboard was one of the recipients.
The licenses issued to Onboard allow the company to deal with stablecoins and partner with players involved in currency exchange and Foreign Exchange (FX) transactions, all without encountering liquidity issues. This is a significant step forward for Onboard, as it enables the company to expand its services to multiple currencies.
Yele Bademosi, the founder of blockchain startup Nestcoin and the CEO of Onboard, has been instrumental in the company's growth. Under his leadership, Onboard has recently added 10,000 new users to its platform.
However, the regulatory landscape in African countries, particularly Nigeria, is still developing, posing a challenge to the adoption of such technologies on the continent. Despite this, South Africa stands out as the most advanced African country in instituting regulations. As of January 2025, 248 firms have been licensed in South Africa.
Onboard's licenses allow it to process crypto and fiat transactions, function as a payment service provider, perform currency exchange, and facilitate money transfers. With these licenses in hand, Onboard can partner with global partners and providers to streamline user interface operations.
Onboard 3.0, the fintech app developed by the company, functions as more than just a crypto wallet. It offers a comprehensive suite of financial services, making it an attractive option for users seeking a one-stop solution for their financial needs.
In addition to its Nigerian and South African licenses, Onboard is also licensed in Europe as a virtual assets service provider and in Canada as a money services business. This global recognition further solidifies Onboard's position as a leader in the blockchain industry.
While the road to full adoption of blockchain technology in Africa may still be long, companies like Onboard are paving the way, one license at a time.
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