A new report says about 40% of Nigerians use cryptocurrency to send money across borders, making Nigeria one of the world’s leading countries in crypto-based international payments.
The report, titled Cross-Border Payments Interoperability Index, was published by Thunes in partnership with Juniper Research. It surveyed more than 6,500 consumers across 10 countries and assessed payment systems in 50 nations.
According to the report, only 11% of people globally use cryptocurrency for international transfers, compared to 40% in Nigeria.
Researchers said Nigeria’s high crypto adoption is linked to economic challenges such as currency depreciation, foreign exchange shortages, and limited access to foreign currencies. Many Nigerians use cryptocurrencies to protect the value of their money and to make cross-border transactions easier.
The report also found that Nigerians are more familiar with digital financial technologies than many people around the world. Only 19% of Nigerians said they had never heard of stablecoins, compared to the global average of 38%.
Challenges Remain
Despite Nigeria’s progress in fintech adoption, cross-border payments in Africa still face challenges. Payment systems across many African countries are not fully connected, which can cause delays in transferring funds.
The report noted that while Africa is rapidly adopting mobile wallets and digital assets, international payment networks have struggled to keep up with the pace of innovation.
Europe remains the global leader in cross-border payment integration, thanks to systems such as the Single Euro Payments Area (SEPA). Other regions, including parts of Asia-Pacific and the Americas, continue to face challenges caused by fragmented payment systems and currency restrictions.
The report added that Africa performs well in fee transparency and mobile-first financial services. In South Africa, for example, 26% of consumers said their first formal financial account was a mobile wallet.
Globally, mobile wallets and payment apps have become the most popular method for international money transfers, with 48% adoption. However, banks still play a key role in settling transactions, highlighting the need for better integration between traditional and digital financial systems.
Regulatory Developments
Earlier this year, Nigeria’s Securities and Exchange Commission (SEC) introduced new capital requirements for cryptocurrency exchanges operating in the country.
Affected firms have until June 30, 2027, to comply with the new rules.
The move brings digital asset companies fully under Nigeria’s regulatory framework and is expected to improve investor confidence while supporting the continued growth of cryptocurrency use for international payments.
