DeFi: How Nigeria leads in  cryptocurrency adoption in Africa: Report

*Nigeria ranks 18th in retail centralised service value received ranking, 17th in P2P exchange trade volume ranking and 20th in DeFi value received ranking, says report

Isola Moses | ConsumerConnect

A recent report has revealed that Nigeria led the pack ahead of Kenya in cryptocurrency adoption on the African continent.

The West African country  pushed Kenya to second place on the list with the adoption score of 0.521, as against Kenya’s 0.397

Nigeria gained 100.39 percent from 0.26 index score in 2021 while Kenya gained 41.79 percent from an index score of 0.28 in 0.507.

Chain analysis noted both countries had improved significantly in their adoption, taking Nigeria 11th and Kenya now 19th at the rank with the index score of 0.28 last year.

The report, however, did not rank the countries in question-based on raw crypto currency transaction volume, which would give a straightforward view of where the most crypto currency activity is happening.

It further stated: “While institutional activity is important to that, we also want to highlight the countries where individual, non-professional investors are embracing digital assets the most.”

Nigeria ranks 18th in retail centralised service value received ranking, 17th in P2P exchange trade volume ranking and 20th in DeFi value received ranking.

Kenya, on the other hand, ranks 43rd in centralised service value received ranking, 43rd in retail centralised service value received ranking, fifth  in P2P exchange trade volume ranking and 9th in DeFi value received ranking.

The North African country had Nigeria beat when it comes to P2P exchange trade volume ranking and DeFi value received ranking.

In terms of P2P transactions, Kenya leads Africa, according to report.

However, Kenya falls significantly short when it comes to centralised service value received and retail centralised service value received.

A shocking entry into the list is Morocco, which did not rank among the top 20 last year.

The country now ranks the second largest in Africa when it comes to crypto currency adoption in Africa and ranks 14th.

Diving deeper, the country ranks 19th in centralised service value received ranking, 19th in retail centralised service value received ranking, 21st in P2P exchange trade volume ranking and 33rd in DeFi value received ranking.

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