The crypto economy in Sub-Saharan Africa is the smallest compared to other regions, representing only 2.3% of the global transaction volume from July 2022 to June 2023. However, during this time, the region attracted around $117.1 billion in on-chain value, which is quite impressive. Despite being a relatively smaller cryptocurrency market, Sub-Saharan Africa has seen significant adoption among key populations. Nigeria, in particular, stands out as it ranks second on the 2023 Chainalysis Global Crypto Adoption Index. Other countries in the region, such as Kenya (21), Ghana (29), and South Africa (31), also score high on the index. Additionally, a study conducted by Triple A (Singapore Blockchain company) in 2022 revealed that over 5.8 million people, which makes up 9.44% of South Africa's total population, currently own crypto assets. This number is projected to grow, with 43% of the population expected to be using cryptocurrencies by 2030.
The crypto economy in Sub-Saharan Africa is the smallest compared to other regions, representing only 2.3% of the global transaction volume from July 2022 to June 2023. However, during this time, the region attracted around $117.1 billion in on-chain value, which is quite impressive. Despite being a relatively smaller cryptocurrency market, Sub-Saharan Africa has seen significant adoption among key populations. Nigeria, in particular, stands out as it ranks second on the 2023 Chainalysis Global Crypto Adoption Index. Other countries in the region, such as Kenya (21), Ghana (29), and South Africa (31), also score high on the index. Additionally, a study conducted by Triple A (Singapore Blockchain company) in 2022 revealed that over 5.8 million people, which makes up 9.44% of South Africa's total population, currently own crypto assets. This number is projected to grow, with 43% of the population expected to be using cryptocurrencies by 2030.