Share this article
Binance Labs–Backed ‘DeFi Credit Union’ Bringing Higher Yields to Savers in Nigeria
With backing from Binance Labs, Nigeria's Xend Finance is looking to bring DeFi to the world of local credit unions.
By Doreen Wang
Updated May 9, 2023, 3:13 a.m. Published Nov 2, 2020, 2:00 p.m.
A Nigeria-based startup is looking to bring decentralized finance (DeFi) to the world of credit unions. Built on the Binance Smart Chain, Xend Finance announced Monday its public launch and a $1.5 million strategic funding round.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“A major problem faced by these credit unions or cooperatives is a constant devaluation of the currency, because most of the time our economy is unstable,” Xend founder and CEO Aronu Ugochukwu told CoinDesk in an interview.
With backing from Binance Labs, Google Launchpad, AU21 Capital, TRG Capital, Matic co-founder Sandeep Nailwal and others, Xend aims for financial inclusion in the developing world by converting deposits into crypto and harvesting yield on DeFi platforms like Compound and Aave.
The protocol also allows users to create their own credit unions and cooperatives, eliminating traditional middlemen.
“Traditional credit unions have a number of limiting drawbacks,” said Ugochukwu, “including only 1% annual percentage yield returns and geographical limitations.” By contrast, a press statement touted as much as 15% APY on Xend users’ savings.
By tapping into DeFi, small savers can stake their local currency and earn compounded interest in a stable currency, Ugochukwu said, like the U.S. dollar.
The platform has already received $1,000 from one local cooperative to help onboard five of its members, including a group of doctors at the University of Nigeria Teaching Hospital (UNTH).
Xend, a traditional fintech company and parent company of Xend Finance, has already built a network of 55,000 users which Ugochukwu hopes to bring over to the new DeFi platform.
“Crypto is amazing in Nigeria,” he said.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
