Luno’s State of Crypto in Africa report: Is crypto use in Africa closer to its ideals?

Could cryptocurrency truly fulfil its decentralised potential in African countries and other developing nations? In The State of Crypto in Africa report, people on the ground in African crypto hubs such as Nigeria provide a glimpse of the current state of cryptocurrency in these regions. It paints a picture of a continent primed for financial innovation and with a huge opportunity to leapfrog other regions, but it also reveals serious challenges moving forward that we will need to overcome.

Key takeaways

• Despite the scale of the opportunity and apparent willingness to realise it, many obstacles stand in the way of widespread crypto adoption and use in Africa. 
  
  
• Some infrastructural challenges are unique to Africa and other developing nations, while regulatory challenges are a global phenomenon. 
  
  
• In South Africa, a clear regulatory framework could bring crypto into the same conversation as traditional investments, spurred on by institutional involvement.

Who’s in it?

We interviewed many experts from all corners of finance for this report, including the following from the crypto industry:

• Kayode Babarinde, Executive Director at the Africa Blockchain Institute

• Philip Adiamah, Financial Services Lead for Africa and UAE at Chainalysis

• Jason Chlipala, Chief Business Officer of the Stellar Development Foundation

Who we are

Luno is the crypto investment app you can rely on, enabling customers to buy, store and explore crypto securely. We’re committed to putting the power of cryptocurrency in your hands, sensibly and responsibly.

Since 2013, we’ve helped millions of people around the world invest safely in crypto. We do this by cutting through the hype and supporting customers at every step of the way. All products and cryptocurrencies on our platform must first meet stringent legal, risk and technical security standards.

We’re available in more than 40 countries around the world, and we work closely with respective regulators in all of these markets to be fully compliant, as we believe this is the best way to help you invest safely.

* Investing in cryptocurrency may result in the loss of capital as the value can fluctuate. This information is not intended to be nor does it constitute financial, tax, legal, investment or other advice; nor is it a call to trade. The information is intended as general market commentary for information purposes only. Before making any decision or taking any action regarding your finances, you should consult a qualified Financial Advisor.