Economy
Kenya Overtakes Ethiopia as Africa’s Third-Largest Cryptocurrency Market
People Daily · 5 hours ago · Read the Full Story on People Daily
AI SUMMARY
Kenya has surpassed Ethiopia to become Africa's third-largest cryptocurrency economy with $5.7 billion in transactions for the year leading up to June 2026.
- Kenya recorded Ksh 740 billion ($5.7 billion) in digital currency transactions in the year leading up to June 2026.
- The figure represents a 38 percent increase from the Ksh 505 billion ($3.89 billion) recorded in the preceding 12-month period.
- South Africa and Nigeria retained the top two positions with $39.3 billion and $38.1 billion in cryptocurrency activity respectively.
- Ethiopia recorded an 8 percent decline to $3.7 billion during the review period.
- Sub-Saharan Africa’s cryptocurrency economy grew 13.4 percent to $101 billion, making it the fastest-growing cryptocurrency region globally.
- Stablecoins dominate Kenya’s cryptocurrency activity, while Bitcoin accounted for just 2 percent of transactions.
- In East Africa, Kenya maintained its position as the leading cryptocurrency market, followed by Uganda at $780 million and Rwanda at $441 million.
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