Why crypto market in Sub-Saharan Africa is booming

Why crypto market in Sub-Saharan Africa is booming

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Sub-Saharan Africa is rapidly emerging as one of the most promising regions for crypto adoption and growth in the world. With 6% of all transactions being peer-to-peer, the market is experiencing significant growth that outstrips many other regions. This share is more than double the next closest region, highlighting the extent to which crypto is taking hold in the region.

One major driver of this growth is the high levels of inflation experienced by many countries in the region, including Nigeria, Ghana, Sudan, and Ethiopia. Inflation erodes the purchasing power of local currencies, making it difficult for people to save and invest. As a result, many people are turning to crypto as a viable alternative that can help them preserve their wealth and invest in a more stable currency.

Moreover, many people in Sub-Saharan Africa are unbanked or underbanked, meaning they have limited access to traditional financial services. Crypto provides a way for these individuals to participate in the global financial system and conduct transactions securely, without needing a bank account.

In conclusion, the crypto market in Sub-Saharan Africa is booming, driven by high levels of inflation and a lack of access to traditional financial services. As more people in the region recognize the benefits of crypto, it is likely that this growth will continue to accelerate in the years to come.

Tosin 'Badeniyi, PhD

Tosin 'Badeniyi, PhD

Tosin ‘Badeniyi, a Professor at the Department of Biotechnology and Food Science at Durban University of Technology, South Africa, holds a doctoral degree in Food Science from University of Pretoria South Africa. Since 2001, he has conducted research and lectured internationally in the area of food quality and safety. He is the editor of Food Science and Technology: Trends and Future Prospects and has published numerous scientific publications as well as four inspirational books.

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