Small Amounts Cryptocurrency Transactions Rise by 55% in Africa

News • 2020/09/09 • by Remitano

Africans are shifting to crypto to get around high charges and currency instability, with transactions in Africa rising to up to 55% in the last 12 months.

A report revealed that many Africans are making use of cryptocurrency on a daily basis. The amount of monthly transactions within the continent has increased over 600,000. The number of transactions under $10,000 rose to 55% to reach $316,000,000. Nigeria, South Africa, Kenya have the highest cryptocurrency transactions.

Some retailers like Abolaji in Nigeria's megacity, Lagos, now use BTC to make payments their suppliers in China. Abolaji stated that he began using cryptocurrency for easy and smooth transactions.

He further mentioned that the remittance option was a better option for buying the dollar. Most countries in Africa are currently experiencing currency decline and instability.

Source: Cointelegraph

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