A new study has named Nigeria, Kenya, and South Africa as the top countries with the most crypto holders in Africa.
This amounts to 36.14 million of the 55.3 million holders of cryptocurrency on the continent.
The report published by Policy Center for the New South (PCNS) analyzed the crypto holding among 33 African countries.
“Such emergence owes nothing to chance. Demographic, urban and economic factors specific to the continent explain it in part. The other explanatory part is linked to the technology of cryptocurrencies, [how this] allows the transfer of capital more quickly and at a lower cost.” the report said.
Based on the report, Nigeria accounts for 40.5% of crypto holders.
This is followed by South Africa with 7.71 million and Kenya with 6 million crypto holders.
In addition, Ghana held 4.3%, Togo held 4.22%, and Cape Verde was ranked at 1 percent.