₦airaland Forum

How Two Childhood Friends Built Zap, Nigeria’s First Non-Custodial Exchange

Would you quit your stable job at Goldman Sachs to start your own crypto company in Nigeria amid a bear market? That’s precisely what our co-founder, Moore Dagogo-Hart did. Meanwhile, our founder and CEO, Tobiloba Asu-Johnson, was completing his master’s degree while laying the foundation for what would become Zap Africa.

Where it all Began

Zap didn’t start as a business idea. It began as a friendship. Tobi and Moore have known each other back when they were 9 years old. Though they attended different universities, they still shared a deep interest in tech and finance. It was during both their university years that they became fully immersed in crypto. But unlike most traders who relied on custodial exchanges, they went the opposite way. They had always been ”DeFi guys,” and they saw the potential of non-custodial exchanges early on and only had their assets in them.

Then came the wake-up call.

The year was 2022. Platforms like Patricia, FTX and Celsius were collapsing, one after the other, Bitcoin had plummeted to $20K, and trust in Nigerian crypto platforms was at an all-time low. They watched as friends, family and everyday people saw their life savings disappear overnight. This caused one of, if not the major challenge in the Nigerian crypto space faces: trust.

Why? Users have no real control over their assets.

Tobi and Moore knew there was a better way. So, they decided to create a solution. They weren’t looking at it from a business perspective, but more as traders who knew what the community truly needed. That’s when Zap was born.

They envisioned a platform where users wouldn’t have to depend on any central entity to hold their funds, a platform where financial security and autonomy were non-negotiable. And that’s when they decided to build Nigeria’s first-ever non-custodial exchange.

Building Zap in the Face of Challenges

Starting a company is never easy, but launching a crypto exchange in the middle of a bear market in a country with unclear regulations? That made it even harder.

There was and still isn’t a clear enough framework for digital assets in Nigeria. This was one of the biggest challenges they faced at first. That’s why securing Zap’s EU VASP license early on was a major milestone.

Funding was another unexpected milestone for us. Zap’s pre-seed round closed at a $4 million valuation, something many startups struggle to achieve so early. You always hear stories of startups struggling for years, scraping by on small rounds, but this brand secured $300K in its first year, allowing the company to scale faster than initially anticipated.

Another big challenge was working with banks. A lot of financial institutions are still very traditional, so they’re quite hesitant to support crypto exchanges. This then leads to difficulties in integrating with them as partners. Even in countries with clearer regulations, banks often impose restrictions that make it harder for users to transact seamlessly.

One of the most important and difficult challenges was building the right team. Hiring skilled individuals is one thing, but finding people with the right mindset is another. Anyone can have a great CV and the right technical skills, but if their attitude isn’t right, it becomes a problem. The founders had to focus not just on recruiting talent but on building a team that can lead and scale together. That foundation is what continues to drive Zap forward today.

And then there’s trust. After so many failed crypto platforms, why should users believe in Zap? The answer is simple: consistency. The longer Zap stayed, the more people trusted them. That trust is what allows the company to grow.

Over the past year, Zap has seen a significant shift. There are more users, bigger transaction volumes and increased confidence in the Zap platform.

Zap into the Future

Now, Zap is gearing up for our biggest innovation yet… a non-custodial wallet. With it, you will have complete control over your crypto assets. No third-party access. No restrictions. Just pure financial freedom.

With the wallet, you will still have access to Zap’s usual fast swaps, but we’re also introducing international payments, which will make it easier for you to send and receive money across borders in any currency. This is something that hasn’t been done in Africa at scale before.

Another major part of this wallet will be spending. Payments are a big challenge in Nigeria, and we see crypto as a way to solve that problem. So, Zap is building a virtual card, which will allow you to spend your crypto easily.

This is just the beginning. Over time, Zap plans to introduce more ecosystem products. The goal is to create a platform where people can access any financial service they need, all powered by crypto.

In the long run, we don’t just want to see Zap as just a Nigerian exchange. Our vision isn’t just “Nigeria to the future,” it’s Africa to the future. We want Zap to be the go-to crypto platform for Africans. That’s why we’re currently working on expansion into Canada, the US, Europe, and the UK.

Zap is about redefining financial independence in Africa, ensuring that people are no longer at the mercy of failing platforms and broken systems. At the heart of it all are two childhood friends who refused to let obstacles stand in their way.

Josepholome:
https://authorityngr.com/2025/03/24/how-two-childhood-friends-built-zap-nigerias-first-non-custodial-exchange/

DEHVEHLOP:
I don't really understand...









CAN ANY EDUCATED FLAT HEAD HERE PLEASE EXPLAIN TO ME BETTER...

yinkus6750:
Technology rules the world.
Brain meets opportunity.
But,why are they looking like Marlians ?

sylve11:
Is this really important? Just acknowledge their effort with a simple 'Well done, everyone,' and carry on.

MemoriesAndMe:
What's the website address? Zap.com or zap africa or what?

Whoever promoted them should have said more about the crypto exchange they built to better promote their business ideas and what's obtainable there for investors and Africans in general. Even investors will be wary of supporting their efforts from the pic of them posted. From an unknown blog too.

A little research from deepseek reveals what's posted below. Not everything we hear about on the internet can be trusted anyways, including the blogger promoting zip or zap Africa...Nobody has heard of them before. Starting with a list of angel investors could have made some stories sound ok.

We all know how ICOs promoted themselves and disappeared eventually with people's funds. What has been Zap's YoY return for as long as the business has existed?

I don't even believe any angel investor will work with people looking like this when their own money is of the line. It's one thing to have the skills to build solutions, it's another thing to attract business partners to support with funding and growth, but definitely not looking like this.

Hear what deepseek says


Based on a comprehensive search and analysis, here's the synthesized information about Zap Africa Crypto Exchange:

### **Overview**
Zap Africa is a cryptocurrency exchange targeting the African market, aiming to facilitate crypto trading and financial inclusion. However, detailed information is limited, and the exchange appears to be relatively new or low-profile.

### **Key Details**

1. **Website & Domain**:
- **Official URL**: The exact domain (e.g., zapafrica.com) could not be verified definitively. Ensure caution to avoid phishing sites.
- **Domain Age**: If registered recently, it might indicate a new venture. Use WHOIS checks for registration dates.

2. **Services Offered**:
- **Cryptocurrencies**: Likely supports major coins (Bitcoin, Ethereum) and possibly local tokens. Specific listings unconfirmed.
- **Fiat Support**: Potential integration with African fiat currencies (NGN, ZAR, KES) via bank transfers or mobile money (e.g., M-Pesa).

3. **Regulatory Compliance**:
- No clear evidence of registration with African regulators like Nigeria’s SEC or South Africa’s FSCA. Users should verify compliance locally.

4. **Security Measures**:
- Unconfirmed details on 2FA, cold storage, or audits. Prioritize exchanges with transparent security protocols.

5. **Fees**:
- Fee structure undisclosed. Compare with established exchanges (e.g., Luno, Binance) for competitiveness.

6. **User Experience**:
- **Reviews**: Limited user feedback found. Check forums (Reddit, Bitcointalk) for firsthand experiences.
- **Support**: Unknown channels (live chat, email). Responsiveness is critical for issue resolution.

7. **Partnerships & Credibility**:
- No notable partnerships or audits publicly announced. Legitimacy checks are advised.

8. **Regulatory Warnings**:
- No official warnings found, but absence of regulatory info warrants caution.

9. **Market Presence**:
- Not listed on CoinMarketCap/CoinGecko, suggesting low liquidity or new entry.

### **Recommendations**
- **Due Diligence**: Verify the exchange’s URL, SSL certificates, and regulatory status.
- **Community Feedback**: Seek recent user reviews on social media and crypto forums.
- **Security First**: Use exchanges with proven security measures and avoid storing large funds on new platforms.

### **Conclusion**
Zap Africa’s current profile is ambiguous. While it may offer services tailored to African users, the lack of verifiable data on compliance, security, and user trust necessitates caution. Consider alternatives like Luno or Binance Africa for more established options. Always prioritize exchanges with transparent operations and regulatory endorsements.



With the report above and no website provided, how can we all just assume this story about the duo is true?

People do whatever to gain trusts and turn around later

joshadesanya:
These boys ready to Zap people money. See face like Marlians.

For all those people wey escape Patricia….food don ready o come and be Zapped

Josepholome:
How Two Childhood Friends Built Zap, Nigeria’s First Non-Custodial Exchange

Would you quit your stable job at Goldman Sachs to start your own crypto company in Nigeria amid a bear market? That’s precisely what our co-founder, Moore Dagogo-Hart did. Meanwhile, our founder and CEO, Tobiloba Asu-Johnson, was completing his master’s degree while laying the foundation for what would become Zap Africa.


Where it all Began

Zap didn’t start as a business idea. It began as a friendship. Tobi and Moore have known each other back when they were 9 years old. Though they attended different universities, they still shared a deep interest in tech and finance. It was during both their university years that they became fully immersed in crypto. But unlike most traders who relied on custodial exchanges, they went the opposite way. They had always been ”DeFi guys,” and they saw the potential of non-custodial exchanges early on and only had their assets in them.

Then came the wake-up call.

The year was 2022. Platforms like Patricia, FTX and Celsius were collapsing, one after the other, Bitcoin had plummeted to $20K, and trust in Nigerian crypto platforms was at an all-time low. They watched as friends, family and everyday people saw their life savings disappear overnight. This caused one of, if not the major challenge in the Nigerian crypto space faces: trust.

Why? Users have no real control over their assets.

Tobi and Moore knew there was a better way. So, they decided to create a solution. They weren’t looking at it from a business perspective, but more as traders who knew what the community truly needed. That’s when Zap was born.

They envisioned a platform where users wouldn’t have to depend on any central entity to hold their funds, a platform where financial security and autonomy were non-negotiable. And that’s when they decided to build Nigeria’s first-ever non-custodial exchange.

Building Zap in the Face of Challenges

Starting a company is never easy, but launching a crypto exchange in the middle of a bear market in a country with unclear regulations? That made it even harder.

There was and still isn’t a clear enough framework for digital assets in Nigeria. This was one of the biggest challenges they faced at first. That’s why securing Zap’s EU VASP license early on was a major milestone.

Funding was another unexpected milestone for us. Zap’s pre-seed round closed at a $4 million valuation, something many startups struggle to achieve so early. You always hear stories of startups struggling for years, scraping by on small rounds, but this brand secured $300K in its first year, allowing the company to scale faster than initially anticipated.

Another big challenge was working with banks. A lot of financial institutions are still very traditional, so they’re quite hesitant to support crypto exchanges. This then leads to difficulties in integrating with them as partners. Even in countries with clearer regulations, banks often impose restrictions that make it harder for users to transact seamlessly.

One of the most important and difficult challenges was building the right team. Hiring skilled individuals is one thing, but finding people with the right mindset is another. Anyone can have a great CV and the right technical skills, but if their attitude isn’t right, it becomes a problem. The founders had to focus not just on recruiting talent but on building a team that can lead and scale together. That foundation is what continues to drive Zap forward today.

And then there’s trust. After so many failed
crypto platforms, why should users believe in Zap? The answer is simple: consistency. The longer Zap stayed, the more people trusted them. That trust is what allows the company to grow.

Over the past year, Zap has seen a significant shift. There are more users, bigger transaction volumes and increased confidence in the Zap platform.

Zap into the Future

Now, Zap is gearing up for our biggest innovation yet… a non-custodial wallet. With it, you will have complete control over your crypto assets. No third-party access. No restrictions. Just pure financial freedom.

With the wallet, you will still have access to Zap’s usual fast swaps, but we’re also introducing international payments, which will make it easier for you to send and receive money across borders in any currency. This is something that hasn’t been done in Africa at scale before.

Another major part of this wallet will be spending. Payments are a big challenge in Nigeria, and we see crypto as a way to solve that problem. So, Zap is building a virtual card, which will allow you to spend your crypto easily.

This is just the beginning. Over time, Zap plans to introduce more ecosystem products. The goal is to create a platform where people can access any financial service they need, all powered by crypto.

In the long run, we don’t just want to see Zap as just a Nigerian exchange. Our vision isn’t just “Nigeria to the future,” it’s Africa to the future. We want Zap to be the go-to crypto platform for Africans. That’s why we’re currently working on expansion into Canada, the US, Europe, and the UK.

Zap is about redefining financial independence in Africa, ensuring that people are no longer at the mercy of failing platforms and broken systems. At the heart of it all are two childhood friends who refused to let obstacles stand in their way.

https://authorityngr.com/2025/03/24/how-two-childhood-friends-built-zap-nigerias-first-non-custodial-exchange/