Nigeria leads the charge in global cryptocurrency adoption

A recent report from ConsenSys highlights a significant increase in global awareness of cryptocurrency, especially in African nations. The survey indicates that cryptocurrencies are being utilized for practical applications in Africa, including business payments and inflation hedging. 

Joseph Lubin, Co-Founder of Ethereum, noted that 2024 has been a pivotal year for crypto, enhancing economic and social agency for communities. Approximately 42% of global respondents own or have previously purchased cryptocurrencies, with Nigeria leading at 73% ownership. Other countries with high ownership rates include South Africa (68%) and the Philippines (54%).

Despite Sub-Saharan Africa accounting for only 2.7% of global transaction volume, the region saw substantial growth, with an estimated $125 billion in on-chain transactions in 2024. Nigeria stands out, with 93% of its population interested in investing in cryptocurrencies within the next year.  Key motivations for this surge include the desire for more control over personal data and privacy concerns, as 92% of Nigerians seek greater control over their online presence. This trend reflects a broader movement towards decentralized technologies aimed at enhancing financial inclusion across the continent.