Sub-Saharan Africa received more than $205 billion in on-chain crypto value over the past 12 months, a 52% year-over-year increase. Reece Merrick, Managing Director for Middle East and Africa at Ripple, said the region is seeing some of the fastest crypto growth tied to practical financial use rather than speculative trading.
Merrick said Africa, with 54 countries and a population above 1.5 billion, is building its digital asset ecosystem from the ground up. In his view, users are turning to crypto for remittances, savings, and payments. He described Sub-Saharan Africa as the world’s third fastest-growing crypto market.
Nigeria accounts for about $92 billion as stablecoin use accelerates
Nigeria stands out as the largest contributor in the region, accounting for about $92 billion of that total on-chain value. Stablecoins are another major part of the story. The report said stablecoin usage in the region rose 180% from a year earlier, pointing to demand centered on transfers and payments rather than pure trading activity.
The article also noted that South Africa, Nigeria, and Kenya are working on new crypto laws, licensing frameworks, and stablecoin rules. Regulation is still taking shape, but market usage is already expanding.
Remittance costs remain a major driver for digital asset payments
Remittances are presented as one of the clearest reasons behind Africa’s crypto growth. Merrick said sending $200 to Sub-Saharan Africa through traditional banking rails costs an average of about 8.9% in fees. For small cross-border transfers, that fee level remains significant.
Using digital assets, the same type of payment can be completed in seconds and at a lower cost. For households and businesses that depend on remittance flows, the difference in cost and settlement speed is immediate, which helps explain why adoption is being driven by utility.
Ripple says XRP payment corridors now span more than 27 countries
On the infrastructure side, Ripple uses XRP as a bridge asset for near-instant conversion between currencies. The report said XRP transactions can settle in about 4 seconds while keeping fees low.
Ripple’s On-Demand Liquidity system has processed more than $15 billion in cross-border payments globally. In Africa, XRP-based payment corridors now extend across more than 27 countries, targeting a remittance market valued at over $329 billion. The article also cited estimates saying XRP-powered remittances already handle billions of dollars in annual volume and can cut costs by as much as 40%.