Africa's Crypto Potential Soars Despite Modest Transaction Volume
Despite a growing interest in cryptocurrency, Africa's share of global crypto transaction volume remains modest, at 2.7% in 2024. However, the continent's potential in this sector is undeniable, with several countries ranking high in crypto adoption and de-fi (decentralized finance) usage.
Nigeria, for instance, secured the second spot worldwide in crypto adoption in 2024, followed by Kenya, South Africa, and Ethiopia in the top 30. This growth is driven by factors such as high inflation rates, expensive remittance costs, and widespread financial exclusion. Crypto provides a lifeline for many Africans, offering an alternative to traditional financial services.
Buchi Okoro, CEO of Quidax, a leading African crypto exchange, has been a vocal advocate for the continent's crypto potential. Okoro was the sole African founder to speak at Coindesk's prestigious Consensus 2025 event. He called for deeper collaboration between the global crypto community and local African innovators, emphasizing that Africa should be seen as a partner, not just a market, in shaping the global crypto future. Okoro believes that strategic partnerships between global stakeholders and local builders are key to Africa's crypto growth.
While Africa's crypto transaction volume remains relatively small, its adoption rates and de-fi usage are among the highest globally. With visionary leaders like Buchi Okoro advocating for collaboration and strategic partnerships, the continent is poised to play a significant role in shaping the future of cryptocurrency.
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