“Bitcoin is the future, and we are making it work for Africa”: Theophilus Isah’s Mavapay mission

Nigeria is leading cryptocurrency adoption thanks to bold innovators like Theophilus Isah, who’s quietly reshaping how businesses and individuals interact with crypto. As the CEO who co-founded Mavapay, a Bitcoin-only payment platform, with Itakpe Emmanuel (COO) anɗ Bamidele Oluwatobi (CTO), Theophilus is on a mission to bridge the gap between volatile digital currencies and everyday transactions.

His journey, however, began far from the world of blockchain, in the labs of Yaba College of Technology, where he earned his OND and HND in Biochemistry.

“I wasn’t always a tech guy,” Theophilus tells me with a chuckle. “But I’ve always loved solving problems.” 

That problem-solving instinct led him to pivot from biochemistry to software development, a transition that would eventually place him at the forefront of Africa’s crypto revolution. 

After participating in the Btrust Builders Programme (then called QALA) in 2021, which was his first exposure to Bitcoin development, Theophilus went on to work as a software engineer at Galoy, where he re-engineered POS systems for the Blink wallet, and as engineering lead for African developers at Chaincode Labs.

It was a bookshop in Lagos, Ouida Books, that catalysed the creation of Mavapay. In 2023, a team from Block, owned by Jack Dorsey, visited Nigeria for market research. During a discussion hosted by the Btrust Builders team, the bookshop owner voiced a concern that resonated with Theophilus: Bitcoin’s volatility and the complexity of managing multiple wallets were barriers to adopting it for business.

“She asked how she could accept Bitcoin, even with its volatility and her limited knowledge, and also if she’d need a separate wallet for each customer”, Theophilus recalls. “That’s when the idea for Mavapay was born.”

Mavapay, named after a book in that same bookshop titled The Tale of Mava (where “Mava” means “JOY”), is designed to strip away the complexities of Bitcoin transactions. “The concept is simple,” Theophilus explains. “We allow businesses to accept Bitcoin without worrying about its volatility or needing technical expertise.” 

The platform stabilises incoming Bitcoin payments in USD automatically, shielding merchants from price swings. For example, if a customer pays 0.5 Bitcoin, Mavapay converts it to its USD equivalent instantly, allowing the business to withdraw the funds in Bitcoin, Naira, or other local currencies like Rands or Kenyan Shillings. This feature is a game-changer for businesses, from roadside vendors to online retailers, who can now accept Bitcoin as easily as cash.

Mavapay’s vision extends beyond local markets. By leveraging the Bitcoin Lightning Network, a faster, cheaper alternative to traditional on-chain transactions, Mavapay enables instant cross-border payments. 

“You can send money from Nigeria to a Cash App user in the US in seconds,” Theophilus says. A recent Nigeria-South Africa payment corridor, launched in March 2025, charges just 0.75% per transaction, undercutting competitors like FlutterWave and Paystack, whose fees range from 2.5% to 4.5%. Mavapay is the first to build this fast payment rail to South Africa. Since its launch, Mavapay has processed over 800,000 rand in South Africa alone, with projections to triple that volume as awareness grows.

How Mavapay is taming Bitcoin’s volatility for Africans

Nigeria leads the world in crypto adoption, driven by the Naira’s depreciation against the dollar. “Bitcoin has been appreciating while the Naira has been losing value,” Theophilus notes. “Mavapay creates a bridge so people can hold Bitcoin but spend Naira seamlessly.” For instance, a user can pay a cashier by entering their account number, and Mavapay instantly swaps a fraction of their Bitcoin for Naira to settle the transaction, no middleman, no unfavourable exchange rates.

Unlike competitors like Yellowcard and LaserPay, which can take 15-20 minutes to settle payments, Mavapay’s transactions are instantaneous, thanks to its use of the lightning network and lightning addresses. These static, email-like identifiers (e.g., “ShopRite@mavapay.money”) allow businesses to receive Bitcoin without generating new addresses for each transaction. 

“It’s as simple as a bank transfer,” Theophilus says, “but faster and cheaper.”

Mavapay’s Bitcoin-only focus sets it apart in a crowded crypto market. While plans are in place to integrate stablecoins like USDT, Theophilus remains a Bitcoin purist. 

“Bitcoin is the most reliable cryptocurrency,” he asserts. “It’s proven itself as the best-performing asset over the last decade.”

Navigating Nigeria’s Regulatory Maze

Operating in Nigeria, where crypto regulations remain murky, is no small feat. “The regulatory environment has been our biggest challenge,” Theophilus admits. 

Historically hostile to cryptocurrency, Nigeria’s stance has softened recently, with the SEC engaging in dialogue with crypto businesses. Still, the line between crypto and fintech regulations remains unclear. To stay compliant, Mavapay is incorporated in the US, with its Nigerian arm handling Naira transactions through licensed partners. 

“We don’t hold custody of Naira,” Theophilus explains. “We’re careful to meet all requirements.”

Despite these challenges, Mavapay has processed over $300,000 in transactions, equivalent to about 2.5 Bitcoin, since its inception two years ago. With a mobile app set to launch by the end of August 2025, Theophilus aims to bring Mavapay’s features to individuals, not just businesses, further democratising Bitcoin use.

Theophilus’s ambitions extend beyond Nigeria. He envisions Mavapay as a catalyst for frictionless trade across Africa, where currency conversions and high fees often hinder inter-African trade.

“I want to make payments within Africa easy,” he says. “You shouldn’t need to convert to USD to trade between African countries.” 

Mavapay is already expanding into Kenya and Ghana, with plans to integrate mobile money and USSD solutions to reach unbanked populations in areas with poor internet access.

Financial education is also central to Mavapay’s mission. Theophilus supports Bitcoin meetups like BitDevs in Lagos and has led bootcamps, such as a three-day developer training in Kaduna held earlier this year. Through partnerships with organisations like Africa Free Routing and Bitcoiners Africa, Mavapay is driving Bitcoin awareness in remote regions.

For Theophilus, Mavapay is more than a business; it’s a step toward financial sovereignty. 

“Decentralised finance means freedom from centralised control,” he says. “With Bitcoin, no bank can scrutinise your money. That’s powerful for Africans.” 

While challenges like poor internet access in rural areas remain, Theophilus is optimistic about solutions like USSD, inspired by Machankura’s success in South Africa, Zambia, and Kenya.

As Mavapay grows, Theophilus remains grounded in his problem-solving roots. When he’s not coding or strategising, he’s playing on his PS5 or diving into a good book. 

“I’m not very social,” he admits, “but I connect when it matters.” 

In five years, Theophilus sees Mavapay as a cornerstone of African trade, seamlessly bridging Bitcoin and local currencies. 

“We’re building a future where a roadside vendor can accept Bitcoin without knowing it’s Bitcoin,” he says. “That’s when we’ll know we’ve succeeded.”