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Nigeria and South Africa are the two powerhouses in the region. Nigeria recorded an on-chain transaction value of USD 92.1 billion, largely driven by citizens seeking alternatives amid high inflation and strict FX controls. In contrast, South Africa is moving in the opposite direction, focusing on institutional markets thanks to a clear regulatory framework and active participation from major banks like Absa, particularly in cross-border payments and new product development
While many developed markets focus on complex financial products such as ETFs or DeFi, Sub-Saharan Africa is demonstrating the real-world strength of crypto by turning Bitcoin and stablecoins into vital tools for millions of people facing inflation and foreign exchange restrictions.
Nigeria and South Africa are the two powerhouses in the region. Nigeria recorded an on-chain transaction value of USD 92.1 billion, largely driven by citizens seeking alternatives amid high inflation and strict FX controls. In contrast, South Africa is moving in the opposite direction, focusing on institutional markets thanks to a clear regulatory framework and active participation from major banks like Absa, particularly in cross-border payments and new product development.
Unsurprisingly, Bitcoin (BTC) dominates in SSA as a form of “digital gold.” Bitcoin accounts for as much as 89% of retail transaction value in Nigeria, while in South Africa, the figure is 74%. Meanwhile, stablecoins, especially USDT, are favored for large-value transfers, serving as a practical substitute for the U.S. dollar.
Placing SSA in the global landscape reveals an interesting picture. According to aggregated data from Chainalysis, Asia-Pacific (APAC) is leading in growth with 69% YoY, fueled by the DeFi and Layer-2 boom, alongside massive institutional capital inflows into markets like Hong Kong, Singapore, and South Korea.
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Latin America also shows robust growth of 63%, where crypto is widely used for remittances and P2P payments, particularly in Brazil and Mexico. Meanwhile, North America and Europe highlight the role of institutions. North America reached a scale of USD 1.2 trillion, driven by ETFs and custody services, while Europe achieved USD1.1 trillion, focusing on DeFi and regulatory frameworks such as MiCA .
