Nigeria Reclaims Top position in Africa, Overtakes Kenya in Crypto Adoption

Nigeria Reclaims Top position in Africa, Overtakes Kenya in Crypto Adoption

  • Nigeria has reclaimed its top spot in Africa on cryptocurrency adoption, beating Kenya in a new report
  • According to a recent analysis, Nigeria leaped to the first position on the continent with an index score of 100.39 percent from 0.29 percent
  • Kenya was displaced by Morocco, which clinched the third position in Africa and 14th in the world, with Kenya trailing behind at 14 places globally

A new analysis by Chainlysis on crypto Adoption in Africa shows that Nigeria has bounced back to the top position as the country with the most adoption, standing in the 11th spot in the world.

A report says last year’s leader, Kenya came third on the list and number 19 in the world. However, the two countries have made significant progress on their adoption score, with Nigeria gaining 100.39 percent from a 0.26 index score in 2021 and Kenya gaining 41.79 percent from an index score of 0.28 last year.

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Crypto adoption, Nigeria, Kenya, Morocco
Nigeria regains crypto leadership adoption in Africa Credit: Peterv
Source: Getty Images

Nigeria, Kenya and Morocco drop from top 10 global ranking

Despite improvements in the countries’ scores, their rankings show they have dropped from 10 positions compared to last year.

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Morocco came second with a global ranking of number 14 with an index score of 0.507.

The crypto adoption report by Chainalysis ranks countries by concentrating on five significant benchmarks, including on-chain crypto value received at centralized exchanges, weighed by purchasing power per capita, on-chain retail value, and on-chain crypto value received from DeFi protocols.

The top 10 African countries by crypto adoption:

  • Nigeria
  • Morocco
  • Kenya
  • Egypt
  • South Africa
  • Somalia
  • Algeria
  • Tanzania
  • Ghana
  • Cote d’Ivoire

Man who makes N6m monthly from bitcoin reveals how to make money without buying bitcoin reported that Emmanuel Akpa is a father who began trading in bitcoin after he lost his construction job.

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According to him, the loss of his job threw him off balance and he began to research how to make money and take care of his family after unsuccessfully looking for a job, he told Daily News.

He began trading in Bitcoin in 2017. At first, Akpa said he was afraid as he did not know how he could make money from Bitcoin without in-depth computer skills or a degree in finances.


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