As a crypto platform, part of our job is to understand what other providers are building. My team and I review public documentation, pricing, product flows, and the evidence we can verify. We give credit where it is due, and we state the limits we find. This review explains what we could confirm about Busha, what it does well, where it may not fit, and who should consider it.
Note that we did create an account to test Busha's response times, payout speed, support, uptime, and product behaviour.
Busha at a glance
| Legal entity | Busha Digital Limited |
|---|---|
| Launched | 2019 |
| What it is | A full-service crypto exchange with savings, loans and cards |
| Platform fee | Trading fee and spread not published. NGN withdrawal ₦107.50 plus ₦50 stamp duty above ₦9,999 |
| Payout speed | "Near-instant" for payouts; sell proceeds "within minutes" |
| Supported coins | 70+ claimed. |
| Can you buy crypto? | Yes |
| Can you swap coins? | Yes |
| Can you hold USD? | Yes, USD account |
| KYC | Government ID, plus a selfie holding a handwritten note |
| Markets | Nigeria and Kenya |
| Regulatory status | Provisional SEC licence, granted August 2024 under the ARIP programme |
| App type | iOS and Android mobile app, plus web |
Pros and cons
Pros
- A provisional SEC licence. Busha and Quidax are the only two Nigerian exchanges granted Approval-in-Principle under the SEC's ARIP programme, on 29 August 2024.
- The deepest product set of any local platform. Buy, sell, swap, limit orders, recurring buys, savings, crypto-backed loans, a USD account, and both virtual and physical cards.
- Advertised savings yield up to 18%.
- Limit orders and recurring buys, which most Nigerian cash-out apps do not offer at all.
Cons
- A Level 1 account cannot withdraw anything at all. Busha's own limits page: "LEVEL 1 Deposits (over all time) - Unlimited crypto and fiat deposits. Withdrawals (over all time) - No crypto or fiat withdrawals." So, as a level 1 user, you cannot withdraw your funds.
- KYC requires a handwritten note in a selfie. Level 2 requires an ID, a selfie with the ID, and "A Selfie with the ID and a piece of paper showing 'Buying Crypto on Busha' with the date, your Busha username and Signature."
- Savings is not deposit-insured, and fixed plans are locked. Busha states it "is not a traditional bank account covered by government deposit insurance", and that a fixed plan "is designed to be withdrawn only at the set maturity date."
- Loan terms are heavily one-sided. Busha states it "is not required to disclose its assessment criteria", that interest rates "are determined solely by Busha", and that on default it "may, without prior notice, liquidate (sell) the portion of your Collateral."
- Bill payments are capped at ₦10,000 a day, and wrong-number recharges are irreversible.
- Retail coverage is Nigeria and Kenya, not Ghana.
How Breet compares to Busha
Ghana, not Kenya. Breet settles naira or cedis to a bank or mobile money in Ghana instead of hunting for another platform.
Free multi-currency crypto invoicing. You bill a client, and the crypto converts the moment it lands, so you stop sending wallet addresses and hoping.
Automatic settlement. Set it once and cash reaches your bank without you opening the app.
Swap across 170+ assets. You move between coins inside Breet, saving you the cost of cashing out and buying back in.
Crypto gifting. You can send crypto to someone who has never opened a wallet, which means no walkthrough of addresses and networks.
No lockout at the entry tier. Busha's Level 1 accepts unlimited deposits but permits no withdrawals at all; Breet never puts you in a position where money goes in but cannot come out.
Bill payments without a daily cap. Busha caps spend at ₦10,000 a day; Breet can cover a real electricity bill without the ₦10,000 cap.
Where Busha is ahead
- Busha holds a provisional SEC licence, and Breet does not. Breet's Nigerian entity has a pending application to the same ARIP programme. If regulatory standing is your deciding factor, Busha is ahead of Breet today.
- Busha has products Breet does not. Crypto-backed loans, savings with advertised yield up to 18%, physical cards, limit orders, and recurring buys.
- Busha's minimum is lower. ₦250 against Breet's $5.
