Nigeria Leads Crypto Interest In Africa In H1 2023-Study Reveals

Nigeria has solidified its position as the leading crypto nation in Africa, with a staggering 66.78% share of the continent’s crypto interest, according to the latest Coingecko Africa crypto report. This figure is nearly eight times higher than that of South Africa, the next highest-ranked country.

By Staff

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Nigeria has emerged as the leading country in Africa in terms of crypto interest, according to the recent Coingecko Africa crypto report. The report reveals that Nigeria holds a substantial 66.8% share of the continent’s crypto interest, which is nearly eight times higher than the next-ranked country, South Africa.

This latest data from Coingecko reinforces Nigeria’s position as Africa’s top crypto nation, not only in terms of user curiosity but also in traded volumes. The report highlights several factors contributing to Nigerians’ unparalleled affinity for crypto, including poor traditional finance infrastructure, high inflation, and currency depreciation.

During the period between January 1 and June 4, no other African country displayed a level of interest in crypto exceeding 10%. South Africa, the second-highest-ranked country, recorded an 8.36% interest level during the same period. Morocco, which made headlines for imprisoning a crypto trader in 2021, secured the third spot with 5.43% interest, closely followed by Ghana at 5.24%. Egypt, grappling with inflation, rounded up the top five with a crypto interest level of 2.74%.

The data provided by the report indicates that South Africa, Morocco, Ghana, Egypt, and the Ivory Coast collectively accounted for 23.8% of the continent’s crypto interest year-to-date. Furthermore, the report suggests that these top six countries represented over 90% of Africa’s overall crypto interest during the review period.

Interestingly, the findings reveal that only eight countries exhibited a crypto interest level surpassing 1%. Among the surveyed African countries, South Sudan, Sierra Leone, and Mozambique demonstrated the least interest in crypto, according to the data.

Overall, the Coingecko Africa crypto report underscores Nigeria’s dominant position in the African crypto landscape, shedding light on the key drivers behind its population’s enthusiasm for cryptocurrencies. As crypto continues to gain momentum across the continent, it remains to be seen how other countries will navigate this evolving financial landscape.

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