Africa Sees Crypto Market Growth Amid Regulatory Shifts
Nigeria remains the leading crypto market in Africa, receiving almost $60 billion of the $117.1 billion in crypto value circulated across the continent between July 2022 and June 2023.
In Nigeria, e-commerce is hindered by friction, with up to 40% of online shoppers abandoning their carts due to limited checkout options, while cross-border costs consume 10% of transaction values. However, Bitnob has reduced this friction by providing APIs that allow developers to integrate digital asset payments into online stores.
The Baki product allows businesses to exchange currencies at official rates, lowering transaction costs, and Bitnob enables merchants to receive local currency payouts, removing exchange rate risk.
Nigeria's regulatory environment for blockchain has improved, with the Securities and Exchange Commission publishing guidance and the Central Bank moderating its earlier restrictive positioning. Meanwhile, in Ethiopia, 23 operational mining facilities exist as of mid-2026, allowing for scaling within the region.