According to a recent report, the number of transactions in crypto markets has increased by 2,670% in Africa. Despite its socioeconomic factors and headwinds, cryptocurrency adoption in African countries is on the rise. It is also recorded that crypto transactions in this region have increased by 2,670% in 2022, constituting nearly 2.8% of global volumes.
Africa is currently having the highest crypto adoption rate in the world, even surpassing some of the biggest regions like the United States, Europe or Asia. It seems like the adoption rate in African countries won’t cease to grow.
Founder of Bitcoin Senegal, Nourou, also believes that this growth trend “will continue in coming years.”
“Take a look at the way in which cars, mobile phones and consumer electronics took off on the continent. Africa is a continent where lightning-fast progression and adoption is common.”
Following this report, “more than 88.5% of cryptocurrency transactions made by Africans are cross-border transfers” and “users pay less than 0.01% of the overall amount of the transaction transferred in cryptocurrencies.”