Sub-Saharan Africa records USD 205 billion in on-chain value between July 2024 and June 2025, highlighting strong retail activity.
Sub-Saharan Africa (SSA) has been identified as the world’s third-fastest-growing crypto market, according to new research by Chainalysis. The region received more than USD 205 billion in on-chain value in the past year, representing a 52% increase from the previous period.
A sharp spike in March 2025 saw monthly activity reach nearly USD 25 billion, largely driven by centralised exchange adoption in Nigeria following a sudden currency devaluation. Such events often accelerate crypto activity as citizens hedge against inflation and navigate shifting exchange rates.
Retail adoption remains a defining feature of the region. Over 8% of all value transferred in SSA came from transactions under USD 10,000, compared to 6% globally. This reflects crypto’s role in addressing financial inclusion gaps, particularly as millions remain unbanked despite progress in mobile money.
At the institutional level, Nigeria and South Africa stand out. Nigeria led the region with USD 92.1 billion in value received, nearly three times that of South Africa, driven by a young, tech-savvy population and ongoing inflationary pressures.
South Africa, meanwhile, benefits from advanced regulation, with hundreds of licensed virtual asset service providers fostering a mature and institutionalised market. Major banks such as Absa are developing custody and stablecoin products to serve institutional demand.
Bitcoin remains the dominant entry point. It accounted for 89% of fiat purchases in Nigeria and 74% in South Africa, compared to just 51% in USD markets. Stablecoins such as USDT also play a growing role, particularly in Nigeria, where they serve as a hedge against currency volatility and a substitute for USD access.
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