Nigeria Tops Africa in Stablecoin Transactions at $22B

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Well, well, well, it seems like Nigeria has taken the crown for stablecoin supremacy in Africa. Between July 2023 and June 2024, they’ve managed to hit an impressive $22 billion in stablecoin transactions. That’s right, $22 billion – because why settle for pocket change when you can make a solid stablecoin fortune? According to a report by Yellow Card (yes, the same company that you probably won’t hear much about unless you’re deep into crypto), Nigeria is now officially the biggest player in Sub-Saharan Africa’s stablecoin market. Move over Bitcoin, it’s time for the stablecoin show! 🎉

But wait, there’s more! It turns out that 43% of all crypto activity in the region is now dominated by stablecoins. That’s like 43% of the local currency going straight to the digital wallet, bypassing the usual “volatility” dance. Other countries are getting in on the action too, with South Africa, Kenya, Ethiopia, Ghana, Uganda, and Zambia all reporting increasing adoption. South Africa, in particular, has been seeing a 50% monthly growth in stablecoin transactions since October 2023. Apparently, folks there are desperate for a little stability in their lives. Who can blame them when the local currency is as predictable as a soap opera plot twist? 📈

Growth Drivers Across Africa

It turns out that stablecoins are now the “it” currency in Africa. According to Yellow Card (and no, they didn’t bribe me to say that), 99% of crypto transactions are now stablecoin-related. USDT is taking the lead with a whopping 88.5% of the market share, leaving USDC to sit in second place like the second string quarterback. As it turns out, everyone loves a currency that doesn’t throw unexpected tantrums. 😅

But why, you ask, is everyone flocking to stablecoins? Well, let me explain: it’s all about saving money, sending money home, and running a business without worrying whether the value of your coins will drop faster than a lead balloon. In fact, 70% of users are holding on to stablecoins for personal purposes (like, you know, saving), while the remaining 30% are using them for business transactions. Sharon Tum, Yellow Card’s Regional Manager for East Africa, said it best: “Stablecoin adoption is accelerating among businesses for three clear reasons: faster cross-border settlements, reduced FX costs, and hedging against currency volatility.” Translation: they want their money to stay put, not float away like a poorly written novel. 📚

On top of that, Kenya is all about mobile money, particularly M-Pesa. Peter Mwangi, Yellow Card’s Kenya Country Manager, made it clear: “The country’s strong mobile money infrastructure, especially M-Pesa, allows for easy stablecoin integration.” So yes, mobile payments are basically making it rain stablecoins now. 💸

Local Innovation and Regulation

And what about Nigeria? Well, they’re not content with just using existing stablecoins. Oh no, they’re getting all homegrown and innovative with their own stablecoin options. Roqqu has recently introduced a compliant Naira (cNGN) stablecoin, pegged 1:1 to the local currency. This is the real deal, folks – no more waiting around for your Naira to turn into Monopoly money. Exchanges like Busha and Quidax have already jumped on board with the cNGN token. Emmanuel Peter from Roqqu had this to say: “A currency isn’t truly a currency unless the people embrace it.” Which is really just a fancy way of saying, “If no one’s using it, it’s basically digital Monopoly money.” 🤑

Meanwhile, Nigeria’s regulators aren’t sitting around doing absolutely nothing. Oh no, they’re getting their hands dirty with some serious education. The Nigeria SEC has teamed up with Kenya’s School of Government and Cambridge to roll out a digital assets course. The goal? To make sure that future leaders know how to manage these digital assets “with assurance instead of precaution.” Because who wants to lead a country while looking cautious and uncertain? Definitely not the SEC Director General, Emomotimi Agama. 🧑‍💼

Across the continent, many countries are dealing with the usual issues: slow payments, high remittance charges, and a complete lack of proper currency protection. But fear not, stablecoins are here to save the day! Or at least, make things a little more predictable, which is practically the same thing, right? 😎

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2025-09-02 00:06