Luno’s general manager for Africa, Marius Reitz, has projected that Kenya will lead the cryptocurrency market on the continent in 2022.He said Africa took the centre stage in 2021 with a 1200 per cent surge in cryptocurrency adoption.
He said while Nigeria moved against crypto trading last year, Kenya ranked as the world’s leader in P2P trading volumes for the second consecutive year. “The country’s crypto industry is booming with a rapidly emerging crop of companies building blockchain-based solutions and considering its young population, high heels of mobile connectivity and familiarity with digital payment solutions like mobile money, it’s firmly positioned to emerge as East Africa’s leading crypto hub in 2022.”
“According to World Bank, total remittances in Sub-Saharan Africa surpassed $45 billion in 2021 — but with the severe lack of foreign currency reserves across Africa stopping companies from receiving international payments and remitting their profits, many businesses could look towards cryptocurrencies as an alternative means of handling cross-border transactions,” he added.
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