Ghana, Nigeria Rank High Globally in Crypto-Markets

Global crypto-currency marketplace Paxful , has released a report that puts Ghana and Nigeria on its list of top 10 markets internationally.

Ranking alongside giants like the United States, United Kingdom and Canada were Ghana and Nigeria.

According to the report, the African continent, accounts for the highest number of new subscribers to the portal per month, with the total number of transactions from African consumers amounting to roughly $64,357,115 per month.

The interest in Bitcoin in Africa has continued to grow at a rapid pace.

Over the past year, transactions on the Paxful platform from South Africa increased by 25%, by 60% in Nigeria and by up to 100% in other parts of the continent.

For Africa as a whole, Paxful has seen a 225% increase in users in the last 12 months.

The report names Lagos, Akure, Abuja, Benin City, and Accra as the leading centers of Bitcoin commerce in Africa.

It further stated that, the demand for cryptocurrency is notably characterized by a marked increase in the 18-30 age group.

Paxful isn’t the only exchange platform benefiting from growing awareness of peer-to-peer finance in Africa. The rival P2P exchange LocalBitcoins also saw significantly more Nigerian usage in 2018, albeit without sudden peaks like the market boom brought in December 2017.

Indeed, according to a Google Trends tally of global internet searches for “bitcoin,” Nigeria, Ghana and South Africa were among the top five nations with the most interest in “bitcoin” throughout 2018.

Bitcoin Usage in Africa

African millennials are finding that cryptocurrencies offer alternative convenient and cost-effective access to the global financial system.

Speaking on the widespread use of Bitcoin in Africa for investment purposes, profit, buying and selling, among others, Ray Youssef, CEO of Paxful said, “The adoption of Bitcoin across the globe re-affirms our belief that crypto will take its place as a mainstream financial system.”

“As has been the case with other disruptive financial tech innovations like mobile money, Africa is leading the peer-to-peer financial revolution.
“Our aim is to continue to partner with consumers to expand access to the global financial system,” he continued.

Artur Schaback, CTO of Paxful said, “As a company, we’ve learned a lot from African consumers. For instance, we’ve improved our mobile capabilities to cater to the widespread use of smartphones on the continent.

“Our experience in Africa has strengthened our capability to serve consumers regardless of geographical location or origin.”


Uzonna Anele
Uzonna Anele
Anele is a web developer and a Pan-Africanist who believes bad leadership is the only thing keeping Africa from taking its rightful place in the modern world.


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