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Nigeria Overtakes Kenya To Reclaim Leadership Of Africa’s Crypto Adoption

New Chainalysis crypto adoption report reveals that Nigeria has taken back the lead in terms of crypto adoption in Africa, ranking #11 in the world, with an adoption score of 0.521. Kenya, last year’s leader, comes in third in Africa with an adoption score of 0.397, ranking #19. 

Both nations have improved significantly in their adoption score with Nigeria gaining 100.39%, from a 0.26 index score in 2021 and Kenya, gaining 41.79%, from an index score of 0.28 in 2021.

Although we have seen improvements in both countries’ scores, however, their rankings have significantly dropped as both are now out of the top 10 rankings compared to last year, when Kenya and Nigeria ranked 5th and 6th respectively. 

As previously mentioned, in this year’s ranking, Nigeria now ranks 11th and Kenya now ranks 19th. Taking second place is Morocco, which ranks 14th, with an index score of 0.507.

The Chainalysis cryptocurrency adoption report ranks countries by focusing on five major indexes which includes; On-chain cryptocurrency value received at centralized exchanges, weighted by purchasing power parity (PPP) per capita, On-chain retail value received at centralized exchanges, weighted by PPP per capita, Peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita and number of internet users, On-chain cryptocurrency value received from DeFi protocols, weighted by PPP per capita, and On-chain retail value received from DeFi protocols, weighted by PPP per capita.