According to a recent Statista report, Nigeria ranks first in the world for cryptocurrency adoption. The country most celebrated for its non-custodial wallets use is El Salvador. This increase comes amidst the country’s ongoing development of regulatory frameworks and as other African countries look at developing their own digital currency solutions.

Nigerians are the biggest adopters of crypto wallets on platforms such as Zerion, MetaMask and Trust Wallet. The country holds the highest asset share on Korean local wallets like Phantom (92.5%), Zerion (60%) and Rabby (40.7%).

Via addressable data, we can confirm that Nigeria has consistently had the most users of any EVM-compatible wallet. This in-depth analysis highlights trends in wallet activity across 12 African countries. This includes Zerion, MetaMask, and Trust Wallet.

Africans make up a large contingent of non-custodial wallet users. They account for 38% of Zerion's users. Yet, they make up a much lower share, just 17.8%, of the total payment transactions on the platform.

"For those who have discovered its utility, crypto has become an essential tool that powers their daily lives." - Ezekiel Ojewunmi

The gap between users and transaction volume is staggering. This shows that in Africa, people mainly use cryptocurrency to conduct regular, everyday transactions on a smaller to medium scale.

"Most activity is in high-frequency trades like remittances and arbitrage —not long-term holdings." - Harrison Obiefule

According to the report, Africa’s user base is widespread and expanding. The overall transaction volumes are reduced due to the limited wealth that these users have. According to VALR exchange, it’s because they have little or no money—not because they aren’t interested or incentivized.

Unlike Nigeria, which sees a broad take up, South Africa shows a clear concentration of Coinbase users. South Africans account for 81.5% of the users on Coinbase in Africa.

Though Nigeria has often been hailed as a leader in crypto adoption, the country is witnessing potentially game-changing regulatory events. After significant consultation with industry, the country has fully legalized cryptocurrency and requires exchanges to set up local offices to apply for licenses. This lawsuit marks a growing trend of increased regulatory enforcement across the area.

Under the regulatory radar, there are many global exchanges operating right now across Africa without local offices or licenses. This landscape is likely to shift as regulations tighten throughout the continent.

In addition to Nigeria, Kenya is one of the biggest success stories for crypto adoption in Africa. Central Bank of Kenya (CBK) Governor Patrick Njoroge stated that 31% of Kenyan banks are currently equipped to trade in cryptocurrency. This points to an increasing acceptance of digital assets among the traditional financial players.

Yet, the rapid adoption of cryptocurrency in Nigeria is not an unusual occurrence. It’s part of a deeper trend throughout Africa, where digital currencies are being adopted for remittances, arbitrage opportunities, and peer-to-peer transactions. At the same time, this is fueled by an obsession with smart, simple, and accessible financial tools.

"Our near-term focus is on scaling our presence in a responsible and compliant manner. Although Nigeria is first to receive investment in infrastructure and team-building, our goal is to execute this expansion through 2025 and into early 2026 across the board." - Owenize Odia

Like Nigeria, many countries are trying to be proactive with regulation. Combined with high adoption rates, it establishes South Africa as a key player in the future of cryptocurrency in Africa. Other countries on the continent are taking steps to establish and implement these frameworks. Given these trends, the adoption of digital currencies will only continue to accelerate.