Nigeria Surges as Top Crypto Adopter in Sub-Saharan Africa

Nigeria has emerged as the principal engine of cryptocurrency adoption in Sub-Saharan Africa, driven by persistent macroeconomic pressures and high remittance costs. According to data from the International Monetary Fund (IMF), the country processed approximately $59 billion in crypto asset inflows between July 2023 and June 2024.

This represents nearly 60 per cent of all stablecoin transfers into the sub-region since 2019, with small businesses and households increasingly relying on dollar-denominated stablecoins as a hedge against local currency volatility and an efficient vehicle for cross-border transactions.

The shift towards routine financial utility is highlighted by major global market players, including Bitget Wallet. The self-custodial platform reported that daily active payment users have outpaced active traders for the first time in its history, with emerging markets led by Nigeria accounting for over half of its global user base.