Seven of the top ten countries in P2P crypto exchange trade volume in African

Nigeria ranked 2nd after India in Chainalysis' 2023 Global Crypto Adoption Index. However, it ranked 1st in the peer-to-peer (P2P) exchange trade volume sub-index, which has 6 other African countries in the top 10. Here are the leading countries in P2P crypto trading volume.

Source:

Chainalysis

<div style="text-align: center;"><a href="https://intelpoint.co/insights/seven-of-the-top-ten-countries-in-p2p-crypto-exchange-trade-volume-in-african/" title="Seven of the top ten countries in P2P crypto exchange trade volume in African"><img src="https://intelpoint.co/wp-content/uploads/2024/01/Leading-countries-in-Peer-to-Peer-P2P-crypto-exchange-trading-volume-for-2023-scaled.webp" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: Seven of the top ten countries in P2P crypto exchange trade volume in African"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=Seven+of+the+top+ten+countries+in+P2P+crypto+exchange+trade+volume+in+African" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

2023

HTML code to embed chart

Want a bespoke report?

Reach out

Related Insights

Protected: Zero Losses: Every Access Holdings’ subsidiary made a profit in H1 2025

Every subsidiary reported profit in H1 2025, compared to three loss-making units in H1 2024.
Nigeria’s profit eased, but stronger performance across other African markets helped support overall group results.
Zambia, Sierra Leone, the DRC, Cameroon, and Kenya showed notable turnarounds from previous low or negative earnings.
The UK operation remained a major contributor, reinforcing the benefits of Access Holdings’ diversified regional presence.

UBA is the only Tier 1 bank in Nigeria that grew its profit in the first three quarters of 2025 compared to 2024

FUGAZ posted a combined ₦2.91 trillion in profit from Q1 to Q3 of 2025.
Access Bank recorded the lowest PAT among the FUGAZ
UBA recorded a 3% year-on-year increase in PAT
FUGAZ recorded an average year-on-year percentage change of -11.2% for the period

Conoil's profit after tax soared 585% from 2020 to the 2023 peak; profit before tax jumped 471%

Profit Before Tax (PBT) surged 471% from ₦2.15 billion (2020) to ₦12.28 billion (2023); Profit After Tax (PAT) jumped 585% to ₦9.87 billion.
Both metrics declined ~11% from the 2023 peak but remained well above historical averages.
Effective tax rate fell from 38% (2012) to 20% (2024), allowing the company to retain 80% of pre-tax profits.
Absolute tax payments increased from an average of ₦1.01 billion (2011-2020) to ₦2.30 billion (2021-2024), reflecting higher profitability.

Nigeria exited the FATF grey list in October 2025, after being placed on it in February 2023, approximately 32 months later

Nigeria exited the FATF grey list in October 2025, after 32 months of monitoring.
The country was added to the grey list in February 2023 due to technical compliance shortcomings.
FATF conducted an assessment of Nigeria’s AML/CFT measures in 2008, marking the beginning of its oversight of the measures.
Between 2010 and 2013, Nigeria appeared repeatedly in FATF statements for strategic AML/CFT deficiencies.

Stablecoins are the most frequently transacted asset for outbound payments among Nigerian users (38.3%), outpacing bitcoin (27.3%)

Stablecoins lead the market, accounting for 38.3% of all crypto sent, highlighting Nigerians’ preference for stability and dollar-backed assets.
Bitcoin ranks second at 27.3%, showing it remains a major channel for store-of-value transfers and remittances.
Altcoins like SOL, ADA, SHIB, and DOGE (15.4%) attract younger and experimental users but remain secondary to stable assets.
Ethereum (10.2%) and BNB (8.9%) maintain moderate transaction volumes, suggesting users favor low-fee and widely accepted tokens for transfers.

Over 40% of surveyed Nigerian crypto users are students

Students are the largest crypto-holding group (43.6%), underscoring the youthful nature of Nigeria’s crypto community and their early adoption of digital finance.
Entrepreneurs follow closely (25.7%), showing strong participation from self-employed Nigerians, traders, business owners, and hustlers who use crypto for investment and business flexibility.
Traditional employees make up 17.4%, indicating growing acceptance of crypto beyond informal or youth circles, even among salary earners.
Freelancers and gig workers (5.6%) also feature, reflecting crypto’s role in global online work and cross-border earnings. Unemployed and retired individuals remain a small minority, under 3.5% combined.