Connect with us

Local

Africa: Why Africa is Turning Out to be the New Frontier of Crypto Transactions

Published

on

26 Views

In the last couple of years, crypto has been making a lot of headway in Africa, becoming exceedingly popular. Well, some countries have embraced crypto regulations while others still remain cautious, making crypto a hot topic all over. Countries like Nigeria and South Africa are playing a big role in the adoption of crypto, coming out as key players in the global digital currency landscape.
Even though the region accounted for only 2.7% of the total crypto transaction value globally between 2023 and 2024, there was a huge increase in on-chain value in Sub-Saharan Africa. According to The 2024 Geography of Crypto Report by Chainalysis, the amount of crypto received in 2024 was $125 billion, $7.5 billion more than in 2023. This just goes on to elaborate on how much the region is increasing the use of crypto.
Right now, you can get altcoins, stablecoins, memecoins and other types of crypto. For example, Solana is one of those coins that has gained much popularity dues to its scalability and technical solutions. When you look at the  Solana price chart , you’ll realize why it is a big competitor to altcoins like Ethereum. Its price is quite affordable, and now tie it to its uses, including NFT and DeFi integrations, it becomes explosive.
Where is crypto reigning supreme?
The demand for  crypto has been reigning high in Nigeria , with the country being the only African country to be ranked in the top 20 globally in crypto transaction value. Other countries like Kenya, Ethiopia and South Africa follow suit, ranking 26th, 28th and 30th, in that order. All this comes from the report by Chainalysis.
In 2024, Nigeria saw a massive surge of 68% to reach a whopping 106 million crypto holders. Now, Egypt’s numbers blew the roof with a massive 138% increase to reach 21 million users. Kenya and South Africa followed suit to see a 90% and 38% increase, respectively, to reach 11 million and 13.9 million users. Even in countries where crypto has been banned, like Morocco, there are over 6 million people holding crypto. However, Abdellatif Jouahri (The boss of Bank Al-Maghrib) revealed that the government was drafting a law to regulate the cryptocurrency industry.
But now, you might be wondering the reason behind this whole crypto explosion.
The increased use of stablecoins
Stablecoins have become a vital aspect of the crypto economy of Sub-Saharan Africa. In 2024, stablecoins accounted for nearly 43% of the region’s overall transaction volume. You can just compare this to 18% of the transaction volume carried out through Bitcoin. The  inflation rate  and volatility and inflation rate of some country currencies has made stablecoins, especially the ones pegged to the US Dollar, a common occurrence. Individuals have been using USDT and USDC for a number of things because of their advantages. For example, stablecoins are being used for:
Speaking to Chainalysis, Chris Maurice, the CEO of a popular crypto asset exchange in Africa, said that the reason more people are turning towards stablecoins is the FX crisis. About 70% of African countries have been undergoing a foreign exchange (FX) shortage, thus turning to stablecoins to help them strengthen their economies.
Ethiopia has become the fastest-growing market for retail-sized stablecoin transfer, with a whopping 180% YoY growth. In July 2024, Ethiopia’s local currency lost 30% of its value, fueling the demand for stablecoins. Starting in late 2023,  South Africa  saw an increase in the popularity of stablecoins, surpassing Bitcoin in popularity.
The soaring growth of cross-border payments across Africa
Africa has been increasing cross-border payments at a very high rate. Currently, there are more than 40 million Africans living outside the country of their origin. These people make cross-border transactions frequently. In 2022, the total amount transacted through international borders was more than $100 billion.
However, with international transactions come charges. For instance, if you want to transact $200 using bank transfers, there is a cost of around $8 to $10. Cumulatively, all these transaction costs can be frustrating, leading people to look for more reliable ways. Also, conventional banking systems are quite slow in that an international transaction can take anywhere between 2 days and 2 weeks. Then comes crypto!
According to Chris Maurice, cryptocurrencies are at the forefront of opening up African economies to the global market. Businesses are able to operate with minimal costs due to the minimal transaction costs that come with crypto. Also, Rob Downes, Head of Digital Assets, ABSA Bank, CIB, stated that stablecoins and other crypto are proving to be game changers for people sending money abroad to family members or businesses. This is because these tokens are faster, more reliable and more affordable than the traditional payment services.
Businesses, from small-scale importers to large-scale multinationals making transactions across international borders, have been seeing massive changes in how they transact. Cryptocurrencies are facilitating transactions that, at other times, would be stalled because of currency shortages or payment rejections.
Over the course of the few years that cryptocurrencies have been on board, Africa has been taking time to develop itself in crypto transactions. Right now, a country like Nigeria is giving other global giants a run for the adoption of this technology. Actually, we can also see that other countries on the continent are not being left behind in this technological race. In the next few years, a good portion of Africa will be working with cryptocurrencies because of the numerous benefits it carries.
AllAfrica publishes around 400 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.
AllAfrica is a voice of, by and about Africa – aggregating, producing and distributing 400 news and information items daily from over 110 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC.
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.

source

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Local

Africa: Africa's Superfood Heroes – From Teff to Insects – Deserve More Attention

Published

on

5 Views

Africa is home to a rich variety of incredible indigenous crops and foods – from nutrient-dense grains and legumes to unique fruits and leafy greens. Despite their value, many of these foods are often overlooked, under-celebrated, and under-consumed in favour of imported or commercial alternatives.
Over the years, we’ve published several articles that shine a light on these traditional foods.
In this piece, we highlight some of those stories, celebrating the power and promise of Africa’s indigenous foods.
Special sorghum
Modern food systems often harm both health and the environment. These systems promote cheap, processed foods that contribute to poor nutrition and disease. At the heart of the food system’s problems is a lack of diversity. Power is consolidated in the hands of a few mega-corporations and the world relies on four main staple crops – wheat, rice, maize and soybean – to meet most food needs.
In South Africa, for instance, healthy diets remain unaffordable for many, and traditional crops like sorghum have declined.
Scientist Laura Pereira revealed how, once central to diets and culture, sorghum is nutritious, drought-resistant and climate-resilient. Yet, it suffers from negative stereotypes and limited market appeal.
Read more: Amazing ting: South Africa must reinvigorate sorghum as a key food before it’s lost
Bugs, bugs, bugs
For thousands of years, people from all over the world have eaten insects. Today about 2.5 billion people – many of whom live in Africa – eat insects. To date, 470 African edible insects have been scientifically recorded. Grasshoppers and termites are among some of the favourites.
Researchers Martin Potgieter and Bronwyn Egan have shared insights into the various ways they’re eaten across the continent. Recipes vary by region and include snacks, stews and even stuffed dates.
Read more: Fried, steamed or toasted: here are the best ways to cook insects
Powerful pulses
Many of Africa’s local pulses – such as beans, lentils and cowpeas – are highly nutritious, affordable and climate-resilient foods. As researcher Nokuthula Vilakazi explained, they can play a vital role in addressing malnutrition and food insecurity in Africa.
Rich in protein, fibre, and essential vitamins and minerals, pulses are especially valuable for tackling both chronic hunger and hidden hunger caused by poor diets.
Read more: Why the African food basket should be full of beans and other pulses
Championing teff
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.
Teff, an ancient grain from Ethiopia and Eritrea, is gaining global popularity due to its health benefits, especially being gluten-free.
Crop expert HyeJin Lee explained that, despite teff’s resilience and importance to millions, inefficient practices and weak value chains hinder growth.
Read more: Ethiopia needs to improve production of its “golden crop” Teff. Here’s how
Kenya’s positive push
Once viewed as outdated or poor people’s food, traditional vegetables and local foods in Kenya are now experiencing a resurgence.
This is because traditional vegetables – like spider plant, leaf amaranth and cassava leaves – have proven to be more nutritious than commonly eaten exotics, like cabbage.
The leaves of cassava, a major vegetable in central African nations, are rich in proteins. A single serving, or 100 grams of the leaves, can provide up to three times the recommended daily intake of vitamin A in children and adults.
The fruit pulp of the baobab can supply as much as 10 times the amount of vitamin C as an orange, by weight.
Botanist Patrick Maundu explained how a nationwide effort has promoted the nutritional and cultural value of indigenous foods since the mid-1990s. This initiative improved seed availability, linked farmers to markets, and helped restore pride in local food culture.
Read more: Kenya’s push to promote traditional food is good for nutrition and cultural heritage
Kagure Gacheche, Commissioning Editor, East Africa
Moina Spooner, Assistant Editor
This article is republished from The Conversation Africa under a Creative Commons license. Read the original article.
AllAfrica publishes around 500 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.
AllAfrica is a voice of, by and about Africa – aggregating, producing and distributing 500 news and information items daily from over 110 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC.
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.

source

Continue Reading

Local

Africa: PPCC Boss Blames IMF Loan Conditions for Economic Hardship in Africa

Published

on

8 Views

Monrovia — The head of Liberia’s Public Procurement and Concessions Commission (PPCC), Bodger Scott Johnson, says the imposition of harsh conditions by the International Monetary Fund (IMF) when offering loans to developing countries is largely responsible for the worsening economic instability in Africa.
Mr. Johnson emphasized that these conditionalities are creating long-term dependency with potential consequences on sustainable development and increasing hardship for the poor in Africa and other developing countries. He cited the wage harmonization program in Liberia as a classic example of the negative effects associated with such conditions.
According to him, the IMF imposes different conditionalities for Asian and African countries. While Asian countries are typically asked to increase taxes and cut spending, African countries are required to harmonize wages — a policy he believes exacerbates economic hardship in the region.
Drawing from his experience with Liberia’s Public Procurement Reform Agenda, Mr. Johnson also highlighted ongoing efforts to modernize public procurement in the country as a way of addressing corruption and improving the delivery of basic services.
He explained that Liberia has configured, tested, and rolled out the Electronic Government Procurement (e-GP) System to six public sector institutions and is in the process of deploying the system to an additional 50 institutions with support from the World Bank.
The e-GP System is an innovative public procurement platform designed to enhance transparency, increase efficiency and effectiveness, and restore public confidence in procurement processes — with the ultimate goal of ensuring value for public money.
Mr. Johnson made these assertions during a presentation at a high-level seminar organized by the IMF Legal Department and IMF AFRITAC 2 in Accra, Ghana, from April 8-10, 2025.
The seminar aimed to support continued progress in improving governance and the rule of law, promote constructive engagement, and foster the development of well-governed institutions capable of effectively addressing corruption vulnerabilities and rule of law deficiencies.
Delegates at this year’s IMF seminar — drawn from various countries and sectors — shared their experiences and success stories from the region while discussing practical approaches to deepening analytical skills and combating corruption.
Read the original article on Liberian Investigator.
AllAfrica publishes around 500 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.
Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.
AllAfrica is a voice of, by and about Africa – aggregating, producing and distributing 500 news and information items daily from over 110 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC.
Get the latest in African news delivered straight to your inbox
By submitting above, you agree to our privacy policy.
Almost finished…
We need to confirm your email address.
To complete the process, please follow the instructions in the email we just sent you.
There was a problem processing your submission. Please try again later.

source

Continue Reading

Local

EU Seeks Enhanced Zambia Business Ties

Published

on

7 Views

By Masauso Mkwayaya

The European Union -EU- has called for an enhanced framework to promote more collaboration between the European private sector and Zambia’s public and private sectors.

EU Commission Managing Director for Sub Saharan Africa, European External Action Service, RITA LARANJINHA, says the shift from traditional diplomacy to a strategic economic partnership calls for reviewing conditions for European private investors to increase their participation in the Zambian economy.

Speaking when she led a delegation of EU Ambassadors who paid a courtesy call on President HAKAINDE HICHILEMA at State House today, Ms. LARANJINHA said this will help boost value addition and participation of local communities.

And European Commission Directorate General for International Partnerships Adviser HENRIK HOLOLEI, HORS CLASSE said the bloc has reached a common understanding on the rehabilitation of the Zambia Railways infrastructure.

And President HICHILEMA said the changes in the global geopolitical environment provide an opportunity for Zambia and the European Union to deepen economic cooperation focused on trade and investment.

President HICHILEMA said this should be focused more on areas of critical minerals.

He also urged the bloc to prioritise investment in energy and infrastructure to support growth of other sectors.

The President also commended the EU for its interest in working with Zambia in rehabilitating the Zambia Railways.

The post EU Seeks Enhanced Zambia Business Ties appeared first on ZNBC-Just for you.

source

Continue Reading

Trending

Copyright Β© 2024 an24.africa