A new report from Morocco-based Policy Center for the New South (PCNS) has shown that Nigeria, South Africa and Kenya have the most cryptocurrency holders among 33 African countries.

This accounts for almost 36.14 million of the 55.3 million holders on the continent, almost two thirds.

However, this report also shows that Seychelles, one of the African countries with the largest number of cryptocurrency exchanges, including Kucoin and Huobi, only manage to have about 1,000 cryptocurrency holders, that’s 1.33%.

According to the report, Nigeria accounts for 40.5% of cryptocurrency holders among the 33 countries on the continent, followed by South Africa with 7.71 million, while Kenya ranked third with 6 million cryptocurrency holders.

The rest of the African countries covered in the PCNS study had their cryptocurrency holders drop between one and five percent. Ghana and Togo had 4.3% and 4.22% respectively, while Cape Verde ranked lowest at 1%.

A statement from the report reads: “Such an emergence owes nothing to chance. Demographic, urban and economic factors typical of the continent explain it in part. The other explanatory part is linked to the technology of cryptocurrencies, [how this] allows the transfer of capital more quickly and at a lower cost.”

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