Nigeria has emerged as the second-largest adopter of crypto worldwide, cementing its position as a leader in digital finance, according to Chainalysis’ upcoming report.
The ranking illustrates Nigeria’s rapidly expanding crypto ecosystem, where everyday transactions, remittances, and business payments increasingly rely on digital assets, especially stablecoins. The country’s success mirrors a broader trend in Sub-Saharan Africa, a region witnessing modest yet significant growth in its crypto adoption.
According to Chainalysis, Sub-Saharan Africa’s burgeoning crypto economy, driven by the need for alternative financial services and more accessible international markets, is positioning the region as a growing hub for innovation and financial inclusion on the global stage.
Steady growth across Sub-Saharan Africa
Despite representing only 2.7% of global transaction volume, Sub-Saharan Africa received $125 billion in on-chain value between July 2023 and June 2024, marking a $7.5 billion increase compared to the previous year.
While the region’s contribution to the global crypto economy remains small, its influence is growing as several African nations emerge as key players in the crypto space. Other African nations, including Ethiopia, Kenya, and South Africa, have all secured spots in the top 30 on the Chainalysis Global Adoption Index.
Moyo Sodipo, COO and co-founder of Nigerian crypto exchange Busha, said:
“Nigeria’s high adoption rates show how practical crypto has become for everyday transactions.”
Sodipo noted that many Nigerians are turning to crypto for bill payments, mobile credit top-ups, and cross-border transfers as the traditional financial system struggles with inflation and currency devaluation.
The report also highlighted Sub-Saharan Africa’s leadership in DeFi adoption. DeFi platforms allow users to access financial services, such as lending and borrowing, without needing traditional banks, which remain out of reach for many.
The World Bank estimates that only 49% of adults in the region had access to a bank account as of 2021, making crypto an attractive alternative for millions.
Stablecoins drive economic stability
Stablecoins are pivotal in Sub-Saharan Africa’s crypto economy, with Chainalysis estimating that they account for 43% of the region’s total crypto transactions. These dollar-pegged digital currencies have gained significant traction in countries where local currencies are volatile and access to US dollars is…
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