In Day 1–1000, we observe founders by means of the uncooked, unfiltered journey of company-building: the early scrambles, the quiet breakthroughs, the painful pivots, and the milestones that form what a enterprise turns into. This goes stay on Saturdays by 2 PM WAT.
In late 2017, as Bitcoin surged to $20,000 and international crypto fever peaked, Moyo Sodipo confronted a frustration that will develop into the seed for Busha, a platform the place Nigerians should purchase and promote cryptocurrencies in Naira. “There was no straightforward manner to purchase or promote cryptocurrency right here. I needed to get somebody within the US to assist me purchase Bitcoin, then ship it over. You at all times needed to rely on somebody,” he remembers.
By 2018, Sodipo and his co-founders—a tight-knit five-member group with roots in Jumia’s early days—started constructing. Their mission was easy: make crypto transactions accessible, on the spot, and reliable for on a regular basis Nigerians. After a personal beta, Busha launched to the general public in 2019, totally bootstrapped.
Day 1-100: Constructing at midnight and the primary validation
Again then, Nigeria’s crypto regulatory local weather was a clean slate. There have been no clear frameworks, but in addition no specific ban. But, Busha’s strategy was something however reactive. “Way back to 2018, we reached out to the SEC (Securities Trade Fee) and stated, ‘Hey, that is what we’re making an attempt to construct. We all know there’s no energetic regulatory framework, however we wish you to have the ability to regulate us,’” Sodipo says. This proactive compliance-first stance was strategic. “We’ve at all times performed KYC, at all times performed transaction monitoring. We inbuilt such a manner that anytime regulators got here, we’d be prepared. We didn’t must scramble to get our home so as.”
The primary model of Busha was launched in early 2018. It took about eight months to develop a product prepared for personal beta. Michael Adeyeri, one in all Busha’s co-founder and lead engineer, wrote the primary traces of code.
As with most startups, Busha’s co-founders wore each hat. “I used to be on the forefront of assist and operations; Michael dealt with engineering and product; Samuel did finance; Oye led advertising and marketing; Femi coated operations. Our roles intertwined, however everybody was all-in,” Sodipo explains. Their relationship was past skilled. Sodipo says all 5 of them had identified one another for greater than a decade, “nearly brothers”, and this contributed in navigating the early days of the enterprise with little character conflicts.
Busha’s first main validation got here through the 2020 COVID-19 lockdown. “Throughout the international monetary crash, when every part tanked, folks have been nonetheless fascinated with crypto, nonetheless shopping for the dip. Seeing African prospects ‘purchase the dip’ at that time confirmed us we’d constructed one thing important,” Sodipo remembers. “COVID was a blessing in disguise for us. Individuals have been at house, exploring new methods to earn and transact. Crypto turned that chance.”
Then, on February 5, 2021, the Central Financial institution of Nigeria (CBN) introduced that banks have been banned from facilitating crypto transactions. “We name it Crypto Black Friday. It was chaos. I noticed the round on-line, identical to everybody else. My telephone blew up—prospects panicking, companions shutting us off. Everybody was making an attempt to withdraw funds directly, and our cost processors have been shutting us down. It was the hardest day of my life,” Sodipo recounts.
However it additionally started to yield some profit. Main gamers within the sector congregated in a WhatsApp group and commenced strategising on easy methods to take care of regulatory dangers. “Earlier than then, everybody labored in silos,” he says. “That day, we realised: if we don’t collaborate, we’ll all die.”
Internally, there was no time for conferences or panic. Prospects needed to get their cash out. They processed withdrawals manually, did no matter it took. “If prospects can’t get their funds, you’re useless. If they’ll, you survive,” he stated.
The aftermath was gruelling. Banks started closing accounts linked to crypto, and even staff had their wage account closed, Sodipo recalled. The corporate misplaced customers. With a devoted crew of about 30 to 40 folks, the corporate labored tirelessly, typically placing in further hours simply to maintain issues afloat. They confronted repeated setbacks as they experimented with totally different programs, however their persistence paid off when operations lastly stabilised by June. As prospects steadily returned, the crew took a proactive strategy—monitoring every person, reaching out personally, and inspiring them to deliver buddies alongside.
“All through the disaster, we have been always speaking by means of in-app chats, explaining the brand new processes, asking them to strive it out, see that it really works, after which inform their family and friends,” Sodipo explains. This hands-on, clear strategy—backed by 24/7 assist—helped Busha survive when others folded. “It was a really gradual, painful course of. We had to return to the trenches, to construct once more from scratch.”
By late 2021, Busha had rebuilt its person base and processed over 1.5 million trades, all with out exterior funding. “We have been at all times frugal. The founding crew had experience in each space, so we stored prices low. We solely raised our first spherical in November 2021—a $4.2 million seed led by Bounce Capital. Buyers noticed that we’d survived the ban, rebuilt belief, and grown organically. That’s uncommon on this market.”
Day 1000: Regulation arrives—and Busha is prepared
In December 2023, after almost three years of regulatory limbo, Nigeria’s Central Financial institution lifted its ban on banks working with cryptocurrency firms, a transfer that rippled by means of the nation’s fintech corridors with a mixture of disbelief and reduction. For Busha, it was the top of a protracted, anxious vigil marked by guide workarounds, fixed uncertainty, and the ever-present threat of institutional backlash.
“For a second, I simply sat there. It was truthfully the happiest day of my life as a founder,” Sodipo says. For years, Busha had operated within the shadows, its crew pressured to reassure prospects, fend off rumours, and surprise if the following regulatory twist could be deadly. The lifting of the ban, trickling out first by means of official channels after which amplified by phrase of mouth, sparked a cautious optimism throughout Nigeria’s crypto sector.
However the actual validation got here months later. In 2024, Nigeria’s SEC launched its Accelerated Regulatory Incubation Program. Busha, having been compliance-first from day one, turned one of many first exchanges to obtain a provisional license. “That license was a pat on the again—a reward for years of perseverance. Now we will stroll into any financial institution, any company workplace, and say: we’re licensed. No extra shadows, no extra stigma,” Sodipo says.
Internally, the license was a watershed. “For the primary time, our crew may put on their crypto badges with delight. No extra concern of harassment or being within the shadows. We may lastly sponsor occasions, be seen, and develop overtly.”
In the present day, Busha boasts over 800,000 registered customers, with about 10% energetic month-to-month, and continues to develop organically. The corporate has expanded into Kenya and launched new merchandise like Busha Yield and Busha Spend, letting customers earn curiosity and spend crypto at stores.
Current day
Certainly one of Busha’s largest classes is the significance of training—not only for prospects, however for regulators and the broader public. “When you’re coping with something that’s new, you should be sure that, as a lot as potential, you educate not simply your prospects, however even the regulators, ” Sodipo says.
He displays on how the notion of crypto has shifted: “Again in 2019, crypto was largely related to Ponzi schemes. In the present day, with the rise of stablecoins and digital belongings, folks see it as a instrument for on a regular basis life.”
After I ask Sodipo about probably the most enduring lesson from Busha’s first thousand days, he pauses, then says: “Should you’re constructing in a brand new house—particularly one as misunderstood as crypto—pushback is inevitable.”
The expertise of navigating regulatory uncertainty, public skepticism, and the ever-present threat of disruption has solid a set of core values for the corporate. “Resilience in disaster isn’t non-obligatory; it’s the one solution to survive,” he says. We discovered to be proactive about compliance, reaching out to regulators earlier than they even had guidelines for us,”
Would he do all of it once more? “Sure. The journey’s been wild, however we’re simply getting began.”
———-
Mark your calendars! Moonshot by TechCabal is again in Lagos on October 15–16! Be a part of Africa’s high founders, creatives & tech leaders for two days of keynotes, mixers & future-forward concepts. Early hen tickets now 20% off—don’t snooze! moonshot.techcabal.com
