Crypto Ownership Soars in Africa Yet Payment Use Lags

Uquid CEO Tran Hung addressed the challenges of crypto usability in Africa, highlighting the disparity between digital asset ownership and real-world application. According to data from Asaf Nadler’s post, over 2.7 million Nigerians hold $198 million in crypto assets, while 65,000 Ghanaians control more than $7 million. Despite these figures, users face difficulties in paying for services like ChatGPT or Twitter Premium, indicating a significant gap in the practical use of digital assets. This situation underscores broader concerns about Africa’s Stablecoin adoption and everyday utility, as many users still lack functional payment options for online platforms.

In response to Asaf Nadler’s critique, Tran Hung detailed Uquid’s efforts to enable broader access to digital services using crypto. The company has partnered with networks such as TRON and Tether to bring stablecoins to different regions, supporting payments for utilities, subscriptions, and digital services. Uquid also collaborates with local merchants to expand service availability in key cities. However, infrastructure issues and fee concerns continue to hinder adoption rates, and more work is needed to ensure seamless payment experiences. Users still report occasional failures and service inconsistencies, highlighting the ongoing challenges in bridging the gap between crypto promises and real-world use.

Nadler’s critique questioned whether crypto projects are solving real problems or merely selling narratives. He argued that many initiatives focus more on investor narratives than practical solutions, with stablecoins failing to address syncing issues and high transaction fees. Users report scam tokens and a lack of usable off-ramps in many markets, suggesting that infrastructure may not truly support Banking the Unbanked. This perspective sparked debate about the crypto industry’s inclusivity and real impact, with many projects falling short of their claims to offer real solutions for the unbanked.

Despite growing digital coin ownership, practical payment use remains rare in African markets. Many users expect real payment options but face limited infrastructure support. The issue lies in aligning product design with specific user requirements on the ground. Technologies exist, but adoption falters without a focus on actual user needs and context. Concrete feedback from users remains scarce in product roadmaps, and markets with fewer banking challenges often receive more developer attention than challenging regions.

Ivan Kozlov, founder of Resolv Labs, shared his early plans for a crypto wallet aimed at building a daily payments solution in countries with high inflation. However, the team abandoned the idea due to a lack of clear competitive edge in this sector. This case highlights the challenges of designing products in an already crowded space and underscores the importance of market fit beyond just technical feasibility. Like others, they faced hurdles in bridging banking gaps, emphasizing the need for deeper empathy and on-the-ground user feedback to achieve true crypto industry inclusivity.

Asaf Nadler clarified that the data came from Addressable and a report with Dune Analytics, analyzing activity across 15 wallet apps to gauge user engagement. Even with limited samples, Nigeria consistently ranked highest in crypto engagement, underscoring that high ownership does not equal widespread payment use. The data reveals a clear gap between theoretical inclusion and actual access to services, guiding future efforts to improve payment infrastructure design. Achieving true crypto industry inclusivity requires designing solutions around real challenges and prioritizing local contexts to bridge gaps between ownership and use. Only then will digital asset ownership translate into genuine everyday utility for users.