Nigeria leads Africa in cryptocurrency adoption, ranking second globally

Africa has seen a notable rise in cryptocurrency adoption over the past year, driven by significant investments and growing individual interest. This growth is reflected in various uses of cryptocurrencies, such as business payments, inflation protection, and small transactions.

In Nigeria, around 33% of the population has engaged in cryptocurrency investment, though government crackdowns have limited further adoption. Restrictions include directives to telecom companies to restrict access to crypto platforms and orders for operators to halt naira transactions.This trend mirrors a global movement where governments are increasingly regulating the crypto sector due to rising concerns about its impact.

According to a report by Chainalysis, Sub-Saharan Africa contributed 2.7% to the global crypto economy’s transaction volume—a modest share given the region's relatively smaller GDP. Nonetheless, the region has seen substantial growth in crypto transactions, with an estimated on-chain value of $125 billion during this period, marking a $7.5 billion increase from 2023.

Nigeria leads Africa in the 2024 crypto adoption index and ranks second globally, despite regulatory challenges. Ethiopia is the fastest-growing market for retail-sized stablecoin transfers, achieving 180% year-over-year growth.

Central and Southern Asia and Oceania dominate the global index, with India at the forefront. In the past year, Nigeria received about $59 billion in cryptocurrency, making it the only African nation in the global top 20 ranking.

The following are the ten African countries with the highest crypto adoption rates in 2024 according to Chainalysis: