Africa is one of the most dynamic and exciting crypto markets and one of the fastest growing globally with over 1,200% growth rate between June 2020 – June 2021.
While Africa accounts for the smallest crypto economy of any region globally, the continent happens to have some of the highest grassroots adoption in the world led by:
- Kenya
- Nigeria
- South Africa
- Tanzania
Africa is also the third-fastest growing cryptocurrency economy with the bigger share of transaction volumes coming from retail-sized transfers, the largest of any region at just over 7%. The global average for retail transfers is 5.5%.
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Below is a highlight of the report:
- Africa has the smallest crypto economy globally – $105.5B received between June 2020 – June 2021
- Africa is the third-fastest growing cryptocurrency market
- Africa makes up the largest retail-sized crypto transfers at over 7% – Global average is 5.5%
- Smaller retail transfer sizes sugget higher grassroots adoption amongst everyday users
- Africa makes up the biggest share of cross-region transfers at 96% of all transaction volumes – Other regions make up 78% combined
- P2P platforms account for 1.2% of all African transaction volumes
- P2P platforms account for 2.6% of all volume for bitcoin specifically in Africa
- About half of all remittances to Sub-Saharan Africa goes to Africa signifying the high crypto remittance volumes in the country
- Many African users rely on crypto for international commercial transactions due to capital controls
- Many Africans are also turning to crypto to preserve their savings due to inflation and currency devaluations
- The rate of P2P activity in Africa is bigger since most informal trading occurs on WhatsApp and Telegram
- Paxful alone has seen over 57% growth in Niger and over 300% in Kenya during this period
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RECOMMENDED READING: Togo Leads Africa in Global DeFi Adoption, Says Latest 2021 Chainalysis DeFi Adoption Index
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