Africa is a fascinating continent; it boasts the youngest population in the world, with 75% of its population under the age of 35, and offers a unique opportunity to harness this potential for innovation and economic growth.
The Sub-Saharan African region is a global leader in crypto use for payments, particularly for small retail transactions. Its population conducts the world’s highest proportion of crypto retail payments under $1,000, accounting for 80% of its crypto transactions.
Nigeria alone saw $56.7 billion in cryptocurrency transactions (July 2022–June 2023), with stablecoins leading the way due to their stability.
While Sub-Saharan Africa accounts for only 2.7% of global crypto transaction volume ($125 billion from July 2023 to June 2024), its growth rate (1,200% from 2020 to 2021) and per capita adoption are unmatched.
2nd in crypto adoption worldwide
Nigeria ranks second globally in Chainalysis’ Crypto Adoption Index, with 106 million crypto holders in 2024, driven by economic necessity and low banking access (49% banked in 2021).
A handful of blockchain projects have delivered tangible results in Africa, with notable exceptions, such as Electroneum, which has focused on the region since its 2017 inception. And Electroneum’s Layer 1 EVM-compatible blockchain, upgraded via Project Aurelius in 2024, is tailored for Africa’s financial inclusion needs.
This UK-based startup has elevated its game since collaborating with reputable NGOs in the region, such as UBUNTU Pathways, and launching the first very low-cost crypto smartphone for people in Africa. Their focus has always been on financial inclusion and empowering the millions of marginalised people on the continent.
Younger generations are key to growth
Education in Africa is at an important turning point, shaped by the continent’s dynamic youth population and pressing development challenges. The continent’s younger generation holds the key to unlocking significant economic growth, innovation and sustainable development – if well-educated and equipped with the right skills, something Electroneum has not overlooked.
With over 2,500 universities in Africa, of which 1,250 or more are internationally recognised, a logical, almost unavoidable next step would be to partner with educational institutions to take blockchain education to a continent that is ripe for leapfrogging technology, which is precisely what Electroneum has done.
Electroneum’s blockchain education mission
Recently, Electroneum announced it was bringing blockchain education to African universities.
“Electroneum is launching a groundbreaking initiative to introduce blockchain technology courses in universities across Africa,” the startup said. “This effort aims to empower the next generation with cutting-edge skills in crypto, Web3, and blockchain development.
Their goal is to advance Electroneum’s mission across Africa, according to a post by their team in Nigeria via X. “We aim to make crypto and blockchain practical for everyday use through education, partnerships, and community engagement.”
The team, Isiaq Tajudeen, Obiamaka Maria Aghadiuno, and Qadir Adesoye, in a joint statement, said, “Access and security in Africa is being reshaped by cryptocurrency and blockchain technologies. Therefore, Africa welcomes Electroneum, a L1 blockchain protocol built to empower individuals, developers and businesses with cost-effective and scalable decentralised tools.”
We’re just getting started: Electroneum’s Africa team
In an exclusive interview with Coinnewsextra, Tajudee, Electroneum’s DevRel Engineer in Africa, stated that their primary focus is to educate university students about blockchain and how they can utilise Electroneum to build dApps for the African market.
“We’re just getting started,” said Tajudeen. “Our mission will be to conduct meet-ups, workshops and hackathons at universities across Africa. However, we will start in Nigeria.”
Tajudeen, Aghadiuno and Adesoye will spearhead Electroneum’s goal of teaching students how affordable and efficient it is to build on the Electroneum blockchain. They will be tasked with growing the Nigerian blockchain developer community and connecting African talent with global opportunities within the Electroneum ecosystem.
Key metrics, critical in building trust
Electroneum is successfully rivalling the top-ranking blockchain protocols, including Ton, Solana and Aptos, in terms of transactions and active users.
On 30 May, for example, Electroneum recorded 353,676 transactions in 24 hours, with transaction fees averaging no more than 0.00003 ETN, which is equivalent to fractions of a US cent. In total, over 20 million transactions involving more than 862,000 ETN addresses and 7.8 million blocks have taken place on the Electroneum blockchain.
“Electroneum is doing Avalanche/TON-level daily transactions with just 1.2% utilisation,” according to Artemis statistics, which believes nothing brings more trust to cryptocurrency than real-time metrics, which the UK startup has embraced.
With transaction fees as low as 0.00001 ETN and a region with over 1 billion mobile phone users, Electroneum is arguably one of the most suited for microtransactions in Africa, where about 370 million people are unbanked.
A crypto payment leader worldwide
The African market is ripe for low-cost blockchain transactions, particularly given that Sub-Saharan Africa is already a global leader in crypto payments for small retail and peer-to-peer transactions, particularly in Nigeria, due to economic challenges, high inflation, and limited banking infrastructure.
By 2030, Africa’s young population and growing digital infrastructure could further the region’s lead in crypto payments overall if trends continue and Electroneum’s visionary leader, CEO Richard Ells, is implementing the right strategies in that region to take the lead.
