Nigeria and South Africa are emerging as the driving forces behind Sub-Saharan Africa’s growing cryptocurrency adoption, with significant on-chain activity and increasing recognition as a hub for digital currency and financial technology innovation.
According to Chainalysis’s The 2024 Geography of Crypto Report, Sub-Saharan Africa accounted for just 2.7% of the global crypto economy’s transaction volume between July 2023 and June 2024. This is primarily attributed to the region’s relatively lower aggregate GDP. However, despite this modest share, Sub-Saharan Africa witnessed a remarkable increase in on-chain value, receiving an estimated $125 billion—a $7.5 billion rise compared to 2023.
Leading the charge, Nigeria has solidified its position as a global leader in cryptocurrency use, recording a staggering $59 billion in cryptocurrency value during the same period. Despite ongoing regulatory crackdowns, including a national clampdown in 2024 where the government directed telecom companies to restrict access to crypto platforms and delist naira transactions, Nigeria remains a powerhouse in the sector. Authorities have accused platforms of manipulating naira-to-dollar rates and facilitating illicit transactions, but the demand for cryptocurrency in Nigeria continues to soar.
In the global rankings, Nigeria stands as the only African nation in the top 20. This achievement comes despite a regulatory climate that has increasingly targeted cryptocurrency transactions. While Morocco dropped out of the rankings in 2024, Nigeria’s dominance remains unchallenged in Africa, followed closely by Ethiopia, Kenya, and South Africa at 26th, 28th, and 30th positions, respectively.
Crypto’s appeal across Africa is largely driven by its practical applications in everyday life, such as facilitating business payments, providing a hedge against inflation, and enabling efficient cross-border transfers. Moyo Sodipo, the Chief Operating Officer and co-founder of Busha, emphasized this shift in perspective, saying, “People are starting to see the real-world utility of cryptocurrency, especially in day-to-day transactions, which is a shift from the earlier view of crypto as just a get-rich-quick scheme.”
In addition to facilitating routine activities like bill payments, mobile phone credit top-ups, and retail purchases, crypto is becoming a vital tool for financial inclusion in regions with limited access to traditional banking services.
As digital currencies continue to reshape the continent’s financial landscape, Nigeria and South Africa are proving that Sub-Saharan Africa is not only catching up but could soon be a global leader in crypto innovation.
