A new report has revealed that approximately 40% of Nigerians now use cryptocurrency for international money transfers.
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The country was highlighted in the inaugural Cross-Border Payments Interoperability Index, published by Thunes in partnership with Juniper Research, as one of the most innovative markets globally in cross-border money movement.
The study surveyed over 6,500 consumers across ten markets and benchmarked 50 countries, showing that Nigeria’s adoption of digital assets for international payments far exceeds the global average of 11%.
This positions Nigeria as a global leader in leveraging cryptocurrency for cross-border transactions.
It noted that Nigeria’s unique macroeconomic conditions, combined with a tech-savvy population, have driven the widespread use of digital assets, making it a testing ground for next-generation payment solutions.
What the report is saying
According to the report, while only 11% of people worldwide typically use cryptocurrency platforms for international transfers, the figure rises sharply to 40% in Nigeria.
- “While 11% of people globally usually use cryptocurrency platforms to send money internationally, this rises sharply to 40% in Nigeria.
- “This elevated adoption is closely linked to Nigeria’s macroeconomic environment. Cryptocurrency is widely used as both a hedge against currency devaluation and a store of value, particularly in the context of persistent foreign currency shortages and restricted access to foreign exchange,” the report notes.
Nigerian consumers also show greater awareness of emerging financial technologies, with only 19% reporting that they have never heard of stablecoins, compared to a global average of 38%.
The findings indicate Nigeria’s growing sophistication in digital finance and its leadership in pioneering fintech innovations that reshape how international payments are conducted.
More insights
Despite the progress, challenges remain. African markets like Nigeria and Kenya are leading in fintech adoption, but cross-border interoperability is still limited. Fragmented payment systems and reduced banking connectivity often slow transfers, leaving recipients waiting days for funds.
Africa is leapfrogging traditional financial infrastructure through mobile wallets and digital assets, but global payment networks struggle to keep pace.
In contrast, Europe leads in cross-border payment interoperability thanks to networks like SEPA, while regions such as the Americas and Asia-Pacific face delays due to fragmented systems and currency controls.
Africa stands out for transparency in cross-border fees and mobile-first access to financial services.
In South Africa, 26% of consumers report having a mobile wallet as their first formal financial account.
The report concludes that mobile wallets and payment apps are now the dominant channel for international transfers globally, with 48% adoption, yet banks remain deeply embedded in settlement infrastructure, highlighting the need for better integration across financial ecosystems.
What you should know
Earlier this year, the Securities and Exchange Commission (SEC) announced a new capital requirements for cryptocurrency exchanges operating in Nigeria.
The Commission set a compliance deadline of June 30, 2027, giving affected firms ample time to meet the revised thresholds.
Digital asset firms that were previously operating in regulatory limbo are now fully incorporated under the capital requirement framework, signalling Nigeria’s push for stronger oversight in the crypto space.
This regulatory clarity is expected to further strengthen investor confidence and support the continued growth of digital asset adoption in cross-border payments.
Where’s the logic? A country where over 63% are ‘multidimensionally poot’s, and an even larger proportion already have debt waiting for the incoming paycheck, it is factually incorrect to say 40% of Nigerians use cryptocurrency.