Sub-Saharan Africa now the third-fastest-growing crypto region, Chainalysis

Nigeria led the region with $92.1 billion in value received over the 12-month period, nearly three times that of South Africa.
Market sizing, adoption surveys and data-driven measurement of digital money penetration across African economies.

Nigeria led the region with $92.1 billion in value received over the 12-month period, nearly three times that of South Africa.

According to the CBK, banks highlighted that crypto and NFTs offer alternative avenues for payments and investments, with the potential to boost transaction speed and lower costs.

Egypt, previously ranked as the fastest growing crypto economy worldwide, dropped out of the top 30, according to Chainalysis’ Geography of Cryptocurrency report for the MENA region.

Sub-Saharan Africa's crypto economy is characterized by retail-driven markets, with Nigeria leading the way, according to Chainalysis.

Overall, Sub-Saharan Africa received $117.1 billion in crypto value between July 2022 and June 2023, according to data from blockchain analytics firm Chainalysis.

Numerous companies offering crypto products in Cameroon follow the Ponzi scheme patterns, resulting in losses, the study reads.
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Egypt and Morroco make the top five for transaction growth in the region.