According to data from Chainalysis, the values of the African cryptocurrency market increased by more than 1,200 percent between July 2020 and June 2021. Probably the popularity of P2P platforms is one of the biggest factors for the high level of acceptance. Especially in Kenya, South Africa, Nigeria and Tanzania, people rely on P2P because they cannot send money from their bank accounts to a central exchange.

Cryptocurrencies are most commonly used for remittances, as many rely on them for international trade transactions. In addition, Nigeria plans to test its digital central bank currency (CBDC) called eNaira from 1 October.