Africa’s crypto adoption has seen remarkable growth since last year, driven by substantial investments and increased individual interests which have facilitated trading across the continent.
According to Chainalysis’ report, Sub-Saharan Africa contributed 2.7% to the global crypto economy’s transaction volume, which is a modest share due to the region’s relatively smaller GDP.
However, the region has experienced significant growth in crypto transactions, with an estimated on-chain value of $125 billion during this period, representing a $7.5 billion increase from 2023.
Africa’s surge in crypto adoption can be attributed to a significant increase in usage among Africans, who are leveraging cryptocurrency for various purposes such as business payments, inflation hedging, and smaller, more frequent transactions.
In Nigeria for instance, with about 33% of the population investing in cryptocurrency, government crackdowns on crypto usage have somewhat stifled adoption. The government’s restrictions included instructing telecommunication firms to limit access to crypto platforms and directing operators to discontinue naira transactions.
This followed a global concern in crypto usage as several governments had also taken this same position by asking for a regulation of the crypto sector.
Despite the challenges, Nigeria received approximately $59 billion in cryptocurrency value between July 2023 and June 2024 making it the only African nation in the Global top 20 ranking this year.
According to the most recent Chainalysis report, below are the 10 African countries with the highest crypto adoption rate in 2024.
| Rank (Africa) | Global Rank | Country |
|---|---|---|
| 1 | 2 | Nigeria |
| 2 | 26 | Ethiopia |
| 3 | 27 | Morocco |
| 4 | 28 | Kenya |
| 5 | 30 | South Africa |
| 6 | 34 | Uganda |
| 7 | 43 | Algeria |
| 8 | 44 | Egypt |
| 9 | 46 | Ghana |
| 10 | 48 | Dem. Rep. of Congo |
Nigeria maintained its lead in the 2024 crypto adoption index for Africa and second globally. Ethiopia came in second position and was also crowned the fastest growing crypto market in Africa for retail-sized stable coin transfers, with 180% in growth, year-over-year (YoY).
The top 20 positions in the global 2024 index were dominated by Central & Southern Asia and Oceania (CSAO). Led by India, the region took seven out of the top 20 positions.
Business Insider
