Finance

Nigeria and South Africa Lead the World in Cryptocurrency Ownership in 2024

Nigeria and South Africa Lead the World in Cryptocurrency Ownership in 2024
Monday, 16 December 2024 18:03

While cryptocurrencies are often used as a shield against inflation, they are viewed more positively in developing countries than in developed ones. However, market volatility and the prevalence of scams remain the main obstacles to wider adoption of these digital assets.

Nigeria and South Africa have the highest rates of cryptocurrency ownership in the world in 2024, according to a report released on December 10 by ConsenSys, a blockchain software development company, in collaboration with the research and data analysis firm YouGov.

4527cryptos possesseurs

Titled “Global Survey on Crypto and Web3 2024,” the report is based on a survey of over 18,000 people aged 18 to 65 across 18 markets in Africa, Asia, the Americas, and Europe—regions known for high adoption rates of cryptocurrencies.

Nigeria ranks first, with 73% of the surveyed population owning or having previously purchased cryptocurrencies. South Africa comes second, with 68% of citizens currently holding or having bought virtual currencies. The Philippines (54%), Vietnam (54%), and India (52%) complete the top five. In contrast, fewer than one in three respondents in Japan, Argentina, Canada, France, and Italy reported owning or having previously invested in cryptocurrencies.

Across the 18 markets studied, the average ownership rate stands at 42%.

Positive Outlook in Africa and Asia

The report highlights that respondents in Africa and Asia are more likely to say they will definitely or probably invest in crypto assets over the next 12 months. In Nigeria, 93% of people expressed interest in investing, followed by South Africa (77%), the Philippines (59%), India (58%), Indonesia (54%), and Vietnam (50%).

14527cryptos possesseurs

This trend is in sharp contrast to countries like France, Germany, Canada, South Korea, and Japan, where the majority of respondents said they are unlikely or certain not to invest in cryptocurrencies. Respondents in Turkey, the United States, and Latin American countries (Argentina, Brazil, and Mexico) fall somewhere in the middle of these two trends.

The perception of cryptocurrencies is generally more positive in developing countries, where virtual currencies are often used as a way to store value and protect against inflation. For example, 58% of Nigerians, 47% of South Africans, and 45% of Filipinos view cryptocurrencies as “the future of money.” In contrast, only 19% of British respondents and 17% of Germans share this belief.

Key Barriers to Wider Adoption

Across all the countries surveyed, the main barriers to greater adoption of cryptocurrencies are:

  •  Perceived market volatility (20%)
  •  The prevalence of scams (17%)
  • Not knowing where to start (14%)
  • A lack of understanding of the purpose of owning crypto assets (11%)
  • Technological complexity (10%).

Top 5 Countries for Cryptocurrency Ownership in 2024 (ConsenSys):

  1. Nigeria: 73%
  2. South Africa: 68%
  3. Philippines: 54%
  4. Vietnam: 54%
  5. India: 52%
On the same topic
Cauri Money launches Gajo Money, an e-wallet for the Cameroonian diaspora, targeting €120 million in transactions by end-2025. The fintech...
• Kenya and ASR sign deal to reduce risk on projects worth up to $2 billion.• Risk cover will target infrastructure, energy, logistics, and trade...
• The IMF has approved an immediate disbursement of $367 million to Ghana, bringing the total financial support provided to the country since May...
Zenith Bank is in advanced talks to acquire a tier-two bank in Kenya. The Central Bank of Kenya has raised capital requirements, triggering market...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...

Afreximbank Bonds Retain Market Confidence Despite Moody’s Downgrade
03

• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...

Algeria Awards Commercial 5G Licenses
04

• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...

Nigeria Secures $100 mln ECOWAS Bank Loan for Lagos-Calabar Coastal Highway
05

• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...

IFC Plans Investment Fund to Help Grow African Film Industry
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.