Paxful, a global leader in peer-to-peer cryptocurrency exchange, announced today that it saw a 57% growth in peer-to-peer (P2P) crypto trading volume across Africa in 2022. The platform’s report shows that Africa has emerged as one of its fastest-growing markets, with notable activity in Nigeria, Kenya, and Ghana, where cryptocurrency is increasingly adopted as a solution to currency devaluation and limited access to traditional banking.

According to Paxful, African users are turning to P2P crypto trading for various reasons, including the ability to send remittances, make payments, and store value. With inflation and currency devaluation impacting the region, digital assets are offering an alternative means of preserving wealth. Bitcoin remains the most traded cryptocurrency on Paxful in Africa, often used as a hedge against local currency instability.

Ray Youssef, CEO and co-founder of Paxful, stated that this growth is a testament to the demand for accessible financial solutions across Africa. He highlighted that the platform’s user base on the continent now exceeds several million and emphasized that peer-to-peer crypto trading aligns with users’ need for financial autonomy and decentralized finance (DeFi) solutions. Paxful’s recent educational campaigns in Africa, aiming to boost digital literacy and knowledge about cryptocurrency, may have also contributed to this increase.

In Nigeria, which represents Paxful’s largest market in Africa, trading volume has surged as users seek efficient ways to conduct financial transactions despite banking restrictions. Similarly, Kenya and Ghana have seen significant increases in P2P transactions, driven by younger users and entrepreneurs utilizing crypto to manage remittances, fund small businesses, and protect against inflation.

Africa’s crypto adoption trend is expected to continue rising, with mobile technology and expanding internet access enabling more people to explore digital finance. Paxful’s report underscores that as more Africans engage in peer-to-peer crypto trading, the platform will continue to focus on community-building efforts and educational initiatives to ensure responsible trading practices.

Paxful’s expansion in Africa has also attracted attention from other major exchanges looking to tap into the continent’s rising demand for digital assets. Paxful’s goal remains to enhance access to financial services for Africans, a mission reflected in the impressive 57% growth in trading volume across the region this year.