Analytics: The number of cryptocurrency users in Africa increased 25 times in a year

The number of users of cryptocurrency networks in Africa increased by 2500% from January 1, 2021, to January 1, 2022, and the number of monthly transactions by 1400%, according to a recent study by the cryptocurrency exchange Kusoin.

Traditionally, this continent is primarily concerned with micropayments. Today, the cash flow of African cryptocurrencies is only 2.8% of the international volume.

88.5% of all crypto transfers in Africa are international transfers, i.e. outside the sender’s country. Users are primarily attracted by low fees — for as little as 0.01%, you can send an international transfer and receive it almost instantly and without intermediaries.

At the moment, most African users are concentrated in the largest cities and capitals — as the population density falls, the number of users sharply decreases, which is easily explained by the economic characteristics of the continent.