{"id":66720,"date":"2022-08-25T09:01:38","date_gmt":"2022-08-25T09:01:38","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=66720"},"modified":"2022-08-25T09:01:38","modified_gmt":"2022-08-25T09:01:38","slug":"nigerian-btc-peer-to-peer-volumes-nearly-400m-in-h1-of-2022-significant-growth-in-kenya-and-ghana-volumes","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=66720","title":{"rendered":"Nigerian BTC Peer-to-Peer Volumes Nearly $400M in H1 of 2022 \u2014 Significant Growth in Kenya and Ghana Volumes"},"content":{"rendered":"

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Nigeria\u2019s peer-to-peer bitcoin traded volumes of over $1.1 billion between January 2021 and June 2022 mean the West African nation is now Paxful\u2019s largest market. Kenya, which saw traded volumes of over $325 million during the same period, now ranks as the crypto exchange\u2019s second-largest African market, and fifth overall. <\/strong><\/p>\n

Financial Exclusion Driving P2P Bitcoin Traded Volumes<\/h2>\n

According to the latest data from the peer-to-peer crypto exchange platform Paxful, Nigeria\u2019s bitcoin traded volumes in the first half of 2022 nearly topped $400 million. When combined with the $760 million in trade volumes which were seen in 2021, it means the West African nation is now the crypto exchange\u2019s biggest market globally.<\/p>\n

Nigeria\u2019s growing volume of bitcoin traded via the peer-to-peer (P2P) exchange comes at a time when regulators are clamping down on financial institutions that are violating the Central Bank of Nigeria (CBN)\u2019s February 5, 2021 directive<\/a>. The directive bars banks and other regulated financial institutions from facilitating transactions that involve crypto entities.<\/p>\n

Explaining the reasons behind the surge in Africa\u2019s P2P volumes, Paxful told Bitcoin.com News that a general lack of access to financial services across the continent was driving people toward bitcoin. Paxful said:<\/p>\n

\n

For a market like Africa, where many people are underbanked and financial institutions are not as easily accessible, P2P finance provides an opportunity for financial inclusion. There\u2019s been an explosion in Bitcoin adoption in Nigeria due to a multitude of factors: a 33% unemployment rate, an unbanked population of 38 million adults, a young and entrepreneurial community (over 75% of its population is under 35), and financial instability \u2014 such as volatility around the Naira.<\/p>\n<\/blockquote>\n

According to the P2P exchange, all these factors make \u201ca massive case\u201d for bitcoin, a technology which it said was \u201cbuilt for the masses.\u201d<\/p>\n<\/p>\n

Kenya and Ghana Volume Growth<\/h2>\n

While Nigeria is Paxful\u2019s biggest market globally, Kenya, which saw P2P volumes of over $200 million in 2021 and over $125 million in the first half of 2022, is now the crypto exchange\u2019s second-largest market in Africa and the fifth in the world. Paxful added that it \u201canticipates a trade volume growth of 25% in Kenya for 2022.\u201d<\/p>\n

Commenting on the significant growth seen in Kenya and Ghana, Paxful said:<\/p>\n

\u201cThere are more and more African users remitting money over the years \u2014 the total remittance user base (users trading in multiple currencies) on Paxful grew by nearly 140% in Kenya and over 115% in Ghana in 2021. In 2021, Ghana experienced a yearly growth of 95% in trade volume.\u201d<\/p>\n

Regarding the Central African Republic (CAR) \u2014 the first African country to adopt bitcoin as legal tender \u2014 Paxful commended the move and said it was hopeful the country would use \u201cbitcoin to set monetary policy to drive its economy forward.\u201d The crypto exchange, however, said it had \u201cnothing notable\u201d to share concerning the CAR\u2019s volumes.<\/p>\n

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What are your thoughts on this story? Let us know what you think in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s peer-to-peer bitcoin traded volumes of over $1.1 billion between January 2021 and June 2022 mean the West African nation is now Paxful\u2019s largest market. Kenya, which saw traded volumes of over $325 million during the same period, now ranks as the crypto exchange\u2019s second-largest African market, and fifth overall. Financial Exclusion Driving P2P Bitcoin […]<\/p>\n","protected":false},"author":2,"featured_media":66721,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-66720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/66720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=66720"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/66720\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/66721"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=66720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=66720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=66720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}