New Report Ranks Nigeria and South Africa Among Top Countries for Cryptocurrency Ownership
A recent report by Consensys has identified Nigeria and South Africa as leading countries globally in terms of cryptocurrency ownership, with ownership rates of 73% and 68% respectively. This finding highlights the increasing adoption of digital currencies in Africa, driven by practical use cases such as inflation hedging, business payments, and small retail transactions.
The report’s findings are supported by a study conducted by Chainalysis, which revealed that sub-Saharan Africa is at the forefront of decentralized finance (DeFi) adoption worldwide, primarily due to low traditional bank account ownership rates in the region. Despite Africa’s growing presence in the crypto space, the continent currently accounts for only 2.7% of global transaction volumes, reflecting its relatively smaller economic scale.
Between July 2023 and June 2024, Africa saw a significant increase in cryptocurrency usage, receiving a total of $125 billion in on-chain value. This growth is indicative of the rising interest and adoption of digital currencies across the continent.
Furthermore, the Consensys report highlighted that crypto awareness is nearly universal in Nigeria and South Africa, with 99% and 98% of respondents, respectively, reporting familiarity with the concept of cryptocurrencies.
Overall, the reports underscore the growing importance of digital currencies in Africa and the continent’s potential to become a significant player in the global crypto market.
SOURCE: BUSINESS INSIDER
