The number of crypto users in Africa increased by about 2500 percent from January 2021 to January 2022, whereas the average number of monthly transactions increased by 1400 percent.
The proportion of crypto users in Africa increased by about 2500 percent from January 2021 to January 2022, according to recent research. The average number of monthly transactions increased by about 1400 percent within the same time period. Although cryptocurrency transactions on the African continent are said to account for 2.8 percent of the world volumes, there was a decrease in the average amount per transaction. The data suggests that there is an increase in small payments or transfers in comparison to last year. The increasing adoption of digital currencies by African individuals might be linked to the continent’s increased tendency for adopting new technology.
The research also highlights the following key points:
- Cairo, Cape Town, and Lagos are the primary cities of Africa driving the continent’s digitalization.
- The number of crypto transactions in Nairobi, Kenya’s capital, is 64 percent greater than the rest of the area.
- The rise in the number of crypto users across the continent is connected to variables like inflation and currency rate volatility.
- Even in nations with lower inflation rates, informed Africans choose to preserve their investments with cryptocurrency.
- Cross-border transfer accounts for 88.5 percent of all crypto transactions in Africa.
The continuing drive to educate the public about advanced economic technologies is another reason highlighted as contributing to the rise in the number of crypto users in Africa.