Nigeria leads Africa’s Bitcoin P2P lending as it posted monthly volumes of about $32.3 million
According to research by Nairametrics, Nigeria is the country with the largest peer to peer transactions (P2P) in October. The reason is that Nigerians are increasingly switching to cryptocurrency payments, especially Bitcoin.
Nigerians are turning to crypto payments, especially Bitcoin P2P
This is gaining more and more great attraction that the volume of transactions incorporating other African countries involved in Bitcoin P2P has also increased. According to statistics from Usefultulips, Nigeria has been leading peer-to-peer transactions in Africa for the past 30 days. It has achieved monthly P2P volumes from $ 32.3 million, followed by South Africa and Kenya – around $ 9.3 million. And $ 8 million, respectively.
Ekene Ojieh, Head of Public Relations at cryptocurrency analysis firm Buffalo Chase, said:
“The upward trend in adopting cryptos – most especially Bitcoin, to Nigeria’s demographic structure. Nigeria ranks 8th position in the largest country with crypto adoption. The reasons for this fact are not far-fetched.”
“It’s easy for a young country like Nigeria to adopt the use of bitcoin because a large percentage of its population falls within the age range that is tech-savvy. That’s not the only reason why many Nigerian youths adopt bitcoin impressive 13.7% over week 43 – as per Glassnode. Bitcoin is currently traded at a $ 13,000 region. With the accessibility of bitcoin, we see more Nigerian youths adopting the use of Bitcoin. ”
Internet-savvy Nigerians are leveraging Bitcoin to maintain and boost their income, as it provides the cheapest means of capital transportation compared to other traditional means of payment.
Cubans are interested in Bitcoin as other major digital payment options like PayPal are unavailable
According to data from Google Trends, Cuba is currently second in terms of Bitcoin interest in the past 30 days. The island nation follows Nigeria, which remains the top Google search for Bitcoin since April 2020. The rest of Google’s top 5 Bitcoin search regions include African countries such as South Africa, Cameroon, and Ghana.
Google search data for the term “Bitcoin” | Source: Google Trends
The surge in Cuban Bitcoin searches comes amid reports of Cubans increasingly turning to Bitcoin to avoid US-imposed sanctions and gain access to digital financial services. Since major digital payment companies like PayPal and Stripe are reportedly not available to Cuban citizens, travel restrictions caused by the coronavirus epidemic have made local payments more complicated.
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