Sub-Saharan Africa accounts for 2.3% of global cryptocurrency trading volume, but a closer look at the latest data reveals that “cryptocurrencies have penetrated key markets and become an important part of the daily lives of many residents.” With trading volumes of nearly $60 billion between July 2022 and June 2023, Nigeria is the largest cryptocurrency market in sub-Saharan Africa. Overall, the region’s total volume during the same period was $117.1 billion. Data shows that Nigeria accounted for nearly half of the region’s total transaction volume during the same period. With trading volumes exceeding $20 billion during the same period, South Africa is home to the second-largest cryptocurrency market in sub-Saharan Africa. Kenya, Mauritius and Ghana rounded out the top five in the region, ranking third, fourth and fifth respectively.

Meanwhile, Chainaanalysis data shows that residents of sub-Saharan Africa are increasingly viewing BTC as another store of value. Sub-Saharan Africa’s share of Bitcoin trading volume is 9.3%, surpassing all regions, including North America (9.0%) and Eastern Europe (8.2%). While Bitcoin remains the number one cryptocurrency in the region, the latest data seems to indicate that the leading crypto asset is moving towards stablecoins. Moyo Sodipo, co-founder of Nigerian cryptocurrency exchange Busha, said the drop in Bitcoin prices may explain why users in the region are gravitating toward stablecoins. "Now that Bitcoin has lost a lot of value, people are craving diversification between Bitcoin and stablecoins. However, market changes have not dampened activity."