Crypto currencies assets such as Bitcoin, etheriun, Bitcoin cash and other altcoins, have been gaining higher acceptance in use for payments, and investment across Africa countries, with the total daily trading volume of Crypto currencies for the month of May 2020 at around $54.800 million.

A breakdown of the above transactions among the top peer to peer crypto currencies performing countries are as shown below

• Nigreria - $ 35,500, 000

• South Africa– $7, 000, 000

• Kenya– $7, 000, 000

• Ghana – $4, 000, 000

• Central Republic of Africa– $300, 000

• Tazania – $200, 000

Many Africans today uses crypto currencies such as Bitcoin, Bitcoin cash, etheriun and litecoin for transactions in banking and making payment transfers.

Reasons for the rise

There are several causes for the rise in usage of Crypto currencies in Africa.

1. Unreliable local currencies

The one major factor leading to the uprise in use of Crypto currencies across Africa countries is the uncertainty and unreliable local currencies.

There is high level of economic uncertainties across Africa countries, this makes crypto currencies a viable medium for asset management with the hope of securing it's value for the future.

2. Better option in funds transfer across the world.

Crypto currency such as Bitcoin cash serve a better option of transferring funds to love ones and family members based overseas, as its transfer cost is very low compared to many commercial banks in Africa which usually charge huge amount for such transactions.

3. Increasing internet access via mobile penetration.

Majority of Africans have relative access to the internet via mobile phones. And such platforms for crypto currencies exchange have made the adoption of these assets accessible to everyone through mobile phones.

Also, financial tech platforms build on a decentralized blockchain available in apps makes crypto currencies available to the average African.

4. Local business startups involved in crypto currencies.

Currently, a growing numbers of local crypto currencies based startups for payments and exchanges now operate across Africa countries. Examples includes but not limited to Payfast, Gemini, Coinbase, Luno, Bitpay, Bitstamp, Bithumb, Binance, and many others.

Meanwhile, a new tech crypto currencies platform patricia.com now provide crypto currencies lover across Africa with Crypto ATM debit card for easy withdrawal of Crypto currencies across major cities in Africa.