Africa Emerges as Crypto Hotspot, Adds 3.4M Users in 2024
The latest Triple-A report unveils a dynamic landscape of global cryptocurrency trends, with regional disparities and regulatory shifts taking centre stage. Notably, Africa has emerged as a high-potential region, leading the continent in crypto ownership and witnessing significant growth.
Africa added a staggering 3.4 million new crypto users in 2024, marking an 8.5% growth rate. This surge is largely driven by the continent's youthful, mobile-first population, which is increasingly embracing digital currencies. The report highlights that four African nations - Nigeria, South Africa, Kenya, and Ghana - are at the forefront of cryptocurrency transactions. These countries leverage cryptocurrencies for remittances, daily payments, and as a stable alternative to local currencies, thereby promoting financial inclusion in regions with limited banking infrastructure and high inflation.
Globally, the crypto landscape has seen a significant shift, with 562 million people now owning digital currencies, a 33% increase from 2023. This translates to a global crypto ownership penetration of 6.8% of the world's population. Africa's crypto ownership has grown from 40.1 million in 2023 to 43.5 million in 2024, with Nigeria and Kenya leading the way in peer-to-peer and mobile-based crypto transactions.
The Triple-A report underscores Africa's potential in the global cryptocurrency market, with regional disparities and regulatory developments shaping the continent's digital currency landscape. As Africa's crypto ownership continues to grow, driven by remittances, mobile payments, and financial inclusion, the region is poised to play an increasingly significant role in the worldwide crypto ecosystem.
