Rajarshi Mitra
Independent Analyst
- A report by Arcane Research shows that African countries have some of the world's highest crypto ownership rates.
- The report says that Africa is bullish on crypto despite infrastructure and regulatory obstacles.
- Sub-Saharan Africa also has a significant remittance market, which brings in about $48 billion annually.
A recent report by Arcane Research reveals that African countries have some of the highest crypto ownership rates in the world. South Africa has ranked third worldwide, with 13% of the country’s internet users owing or using crypto. Nigeria has ranked fifth, with 11% internet users using or owning crypto. According to Arcane Research, Uganda, Nigeria, South Africa, Kenya and Ghana feature in the top ten nations looking up the term “cryptocurrency” on Google. Sub-Saharan Africa also has a significant remittance market, which brings in about $48 billion annually.
Currently, expats depend on slow and centralized remittance systems that charge high transaction fees. Even mobile payment alternatives charge a fee of around 11%. In addition to these factors, high inflation rates in some African countries have brought out the extreme need for crypto alternatives in the continent.
The report also outlined the lack of necessary infrastructures such as crypto mining operations, supporting merchants, smartphone penetration and internet connectivity in Africa. Moreover, there is hardly any clarification from governments regarding crypto regulation in the continent. According to the report, 60% of African governments are yet to clarify their stance on cryptocurrencies. This is slowing down the adoption of digital currencies.
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