Africa Isn't Just Trying Crypto — It's Building With It
In Africa, people have two narratives when it comes to cryptocurrency. It is considered either a get-rich-quick speculation frenzy among the youth or a fringe thing that will be outlawed by regulators.
Data from Chainalysis shows that the region of Sub-Saharan Africa has been receiving over $205 billion worth in value of on-chain cryptocurrencies from July 2024 through June 2025, representing a rise of 52% compared to the previous year. This ranks it in third place in the world for the quickest growing crypto market, next to Asia-Pacific and Latin America. Nigeria, with $92.1 billion, accounted for almost three times the amount of the next largest market, South Africa. Ethiopia and Kenya follow as the next two, and then Ghana.
What’s more important than the volume is how it is used. In Sub-Saharan Africa, transfers under $10,000 accounted for more than 8% of all cryptocurrency transaction value, compared to the 6% global average. This does not involve transfers within exchanges. This comes from regular businesses, and not something that appears as if it’s still in its early adoption stage.
Why Africa leads on grassroots adoption
It’s not a cultural driver, it’s a structural one. The average inflation rate across Africa in 2025 was over 13%, according to the African Development Bank. Nigeria has been through many periods of devaluation of the naira, and in March 2025, there was a spike in the volume of naira that crossed into cryptocurrencies, which reached close to $25 billion in that month.
The issue is exacerbated by cross-border payments. Although available in 54 countries and dozens of currencies, the conventional remittance service is expensive (7-8% average), and the time spent on remittance is rather long (several business days). The alternative to this is stablecoins, which are more convenient, faster, more affordable, and accessible through a smartphone. Today, they represent roughly 43% of the entire crypto transaction volume in Sub-Saharan Africa, as a result of the presence of USDT and USDC.
Mobile-first, not bank-first
The major distinction in crypto adoption in Africa is the starting point. Crypto in most of Europe or North America is an alternative to a working financial system. In most of the African continent, it is used as a substitute for a system that doesn’t work.
According to World Bank Global Findex statistics, about 58% of adults in Sub-Saharan Africa have a financial account. Mobile money fills part of this, with Kenya having 87% of adults on mobile money services and Ghana having 78% of adults. Cross-border mobile money services remain a challenge even in these countries with high penetration rates. Using a crypto wallet doesn’t require a bank account, nor does it need any type of card. All they require is a mobile phone and internet access.
The increasing number of use cases
The initial use cases for cryptocurrency that really caught on were remittances and inflation hedging. The distribution is now being extended. On-chain data from Chainalysis reveals that more and more cross-border trade settlements between Africa, the Middle East, and Asia is taking place on stablecoins. Stablecoin technology is being used to speed up the aid response, for example, from Mercy Corps Ventures in Kenya. On and off-ramp solutions like the M-Pesa ecosystem in Kenya have been put in place to enable people to move between mobile money and crypto without hassle.
Use cases for consumers are continuing to expand: digital subscriptions, freelance payments to international clients, and consumer platforms including crypto-native entertainment services where Bitcoin casino bonuses and instant payouts eliminate the payment friction that would otherwise block access entirely.
These are not edge cases. They are indicative of how a larger proportion of users throughout the continent are using Internet-based services for the first time.
The rules are now catching up
Nigeria’s Investments and Securities Act 2025 officially added digital assets to the SEC’s list of assets that fall under the purview of the SEC, while the Central Bank lifted the ban on banks operating with licensed digital asset providers. As of the start of 2024, 59 operating licenses for cryptocurrencies have been issued in South Africa. Legislation to license VASPs was passed in Kenya, and provider registration is now required in Ghana.
Nigeria’s current position on the Global Crypto Adoption Index 2026 is second place in the world. Ethiopia, Kenya, and Ghana are all in the top 20, and the growth in stablecoins in the region was 180% YoY.
Africa didn’t wait for the perfect system to be built. People created demand first — and now the system is catching up.