Peer-to-peer (P2P), an exchange of value without a third party, has gained much popularity in Africa compared to other regions. The continent amassed $105.6bn worth of crypto in forecasts for the year ending June 2021, driven by P2P transactions in some top markets. Markets like Kenya, Nigeria, South Africa, and Tanzania had some of the highest grass-roots adoptions in the world and ranked in the top 20 Global Crypto Adoption Index. We discussed this topic in the third episode of our Crypto in Africa podcast. Kanali Nixon, TechTrends Media, Tech Editor, was joined by Abiodun Victoria, Blockchain Content Team Lead Sportrex Inc and Chioma Agbo, a Freelancer Crypto Writer, as they discussed the growing popularity of P20 exchanges in Africa. “Africa is catching up on P2P very fast. We have so many professionals who work full-time in the crypto space. More than any technology, crypto and P2P is the tech we will be sure Africa will not be left behind,” Victori said.
“Africa is making huge progress”, Chioma adds. “If you look at the tech space, a lot of Nigerians are making huge strides in making sure this technology gets to everyone,” she adds. P2P platforms are driving Africa’s digital money revolution. These platforms allow African users to directly buy and sell BTC, ETH, USDT, BNB, DAI, and BUSD with zero transaction fees using their local currencies. This could be Nigerian Naira (NGN), Kenyan shilling (KES), South African rand (ZAR), Egyptian pound (EGP), Moroccan dirham (MAD), and Ghanaian cedi (GHS). Data from UsefulTulips released last year revealed that Nigeria ranks first as the leading P2P Bitcoin trading country in Africa regarding the volume of bitcoins traded, followed by Kenya, Ghana, and South Africa. Between January and March (Q1 2021), the report notes that Nigeria posted a P2P Bitcoin trading value worth $99.1 million, surpassing Kenya’s $38.4 million, while Ghana and South Africa rounded up the top 4 with $27.4 million and $25.8 million, respectively. What is driving this adoption? “A lot of things can be seen around the African space driving P2P growth. One constant fact is the devaluation of our African currencies,” Chioma says. For countries like Nigeria, Victoria notes inflation is driving P2P growth. “The price of things has gone up in Nigeria as we have never seen before. And this has shown that there is a need for a currency that can add value,” she says. The Crypto In Afrika podcast was proudly organised by Crypto In Afrika and has been sponsored by Bizin Africa, Sportsbet.io, and Bitcasino.io, the #1 cryptocurrency sportsbook and casino betting platform in Africa. To join in as a panellist in our future discussions around Crypto In Afrika, write to us via [email protected].