Nigeria's Crypto Hub Faces Growing Competition from Kenya, South Africa and Ghana

Nigeria has long been Africa’s largest cryptocurrency market, with roughly 26 million users and $92 billion in on‑chain activity. The sector is driven by utility use of US‑dollar‑pegged stablecoins such as USDT and USDC, which many Nigerians rely on for savings, cross‑border payments and protection against inflation.

The Nigerian government has shifted from a permissive stance to a formal regulatory framework, creating a Virtual Asset Council led by the Central Bank of Nigeria, the Securities and Exchange Commission and the Nigeria Revenue Service. An executive order also mandates licensing, regulation and taxation of virtual‑asset platforms.

Meanwhile, Kenya, South Africa and Ghana are introducing more attractive regulatory approaches. Kenya reduced the minimum paid‑up capital for stablecoin issuers by 40 % while retaining strong consumer‑protection powers. South Africa continues to expand its regulated digital‑asset market, and Ghana is developing a supportive framework. These moves are reshaping competition for crypto investment, talent and firms across the continent, challenging Nigeria’s leadership position.