With an adoption score of 0.521 compared to Kenya’s 0.397, Nigeria has surpassed Kenya to take the top spot in Africa for crypto adoption, moving Kenya to second place.
According to Chain analysis, both countries have made significant improvements in their adoption, moving Nigeria up to the rank of 11, and Kenya to the rank of 19, with the index score of 0.28 last year. Nigeria gained 100.39% from an index score of 0.26 in 2021, while Kenya gained 41.79% from an index score of 0.28 in 0.507.
The report stated that it did not rank the countries under consideration based on the volume of transactions made in cryptocurrency, which would have provided a clear picture of the countries with the highest levels of cryptocurrency activity.
It also stated: “While institutional activity is important to that, we also want to highlight the countries where individual, non-professional investors are embracing digital assets the most.”