Over the years, I had highlighted lack of accessibility and negative sentiments as the two main barriers to the growth of cryptocurrency in Africa, however it seems that these hurdles are slowly being crossed;
Accessibility: Cryptocurrency is a digital currency and as such it needs to be operated through a digital device. Internet penetration in Africa is growing and with it is the usage and adoption of digital currencies
An estimated 420 million people own a mobile device in Africa, with a population of ~1.2 billion, this means about 35% of the entire population have access to mobile devices, smartphone usage is also spreading, as an estimated 60% of the continent has access to 3G network, and 4G usage is equally growing. All this metrics point to a potential rise in cryptocurrency adoption as is evident in recent statistics;
Quote from: https://e-cryptonews.com/south-africa-leads-crypto-revolution-in-africa-challenges-spur-and-slow-adoption/
Africans rank atop global cryptocurrency ownership rates, according to a new report by Arcade Research. South Africa ranks third globally with 13% of its internet users owning or using cryptocurrencies, while 11% of connected Nigerians own cryptocurrencies in the fifth-placed populous West African country
With a teeming youthful population, 60% of the continent below 25, gradual growth in digitalization and developing economies, Africa has a plenty of potential to become a major driver of cryptocurrency adoption.It's however still limited by negative sentiments. Citizens and governments are reluctant to embrace cryptocurrencies, the former a result of the latter. Centralized organizations like the gov't and banks touts cryptocurrenciea tout Bitcoin to be high risk and vulnerable, and with so many uncertainties in the continent, the people are not willing to add their funds to the list. This however is expected to change as quick access to information grows and more open discussions about blockchain and digital assets are had. Big industries like binance are also utilizing the potential in Africa and this would have a positive effect on adoption.