Report: Nigeria Ranks 2nd in Global Digital Asset Usage with 25.9m Users

Emma Okonji

Yellow Card, Africa’s leading licensed stablecoin payments orchestrator, has released its first ever comprehensive report on Africa’s digital assets regulatory frameworks, tagged ‘2025 Report on the State of Digital Assets Regulation in Africa.’

With over 54 million digital asset users across Africa and sub-Saharan Africa, thus leading the world in stablecoin adoption at 9.3 per cent, the report maps out how regulators across 20+ countries are responding to the continent’s rapid digital finance transformation.

According to the report, Nigeria ranks first in global stablecoin adoption and second in overall digital asset usage, with 25.9 million users, representing 11.9 per cent penetration rate.

The report places Nigeria at the epicenter of Africa’s digital asset movement, driven by the need to hedge against naira volatility, access USD-denominated value, and streamline cross-border transactions.

Analysing the report, Yellow Card’s General Counsel, Craig Stoehr, who is also one of the authors of the report said: “We’re seeing real momentum from both regulators and innovators, a clear signal that digital assets are no longer fringe, but foundational.”

The report highlighted Nigeria’s significant regulatory developments, including: “The Securities and Exchange Commission (SEC), now officially regulates digital assets as securities, cemented by amendments to the Investments and Securities Act (ISA) 2024.Programmes like the Accelerated Regulatory Incubation Programme (ARIP) are onboarding platforms into formal regulatory structures. The Central Bank of Nigeria (CBN) has relaxed its previous stance on VASPs, issuing guidelines for banking relationships with crypto firms in late 2023. These moves signal an ecosystem maturing rapidly, with growing clarity, oversight, and legitimacy.

“Stablecoins are proving transformative for Nigerian individuals and businesses alike. Beyond personal savings and remittances, more companies are now accepting digital assets for payments, unlocking faster transactions and deeper access to foreign currency-denominated tools, all of which fuel economic innovation and financial inclusion, the report further said.

The report also highlights regional trends, including the rise of Central Bank Digital Currencies (CBDCs), increased AML/CFT compliance, and how other African countries like Kenya, Ghana, and South Africa are developing their frameworks.”