Crypto startups in Africa have become a financial lifeline. Whether it’s freelancers chasing cross-border payments or individuals shielding their savings from local currency crashes, crypto is fast becoming a tool for resilience, trade, and daily living.
With traditional banking systems often expensive, slow, or inaccessible, a new wave of African crypto startups is stepping in to fill the gap, offering platforms that are mobile-first, locally integrated, and user-friendly.
Here, Techparley speaks with users to understand how cryptocurrency is reshaping their financial experiences, the promises it holds, and the everyday hurdles that remain.
Crypto as a Safety Net
In Lagos, Aisha, a 27-year-old fashion designer, isn’t waiting for Nigeria’s economy to stabilise. She’s already taken matters into her own hands.
Every month, she converts her earnings into USDT, a popular stablecoin, and holds her money there until she needs it.
“Crypto feels safer,” she tells Techparley. “I don’t use the banks so much, because they are not reliable. Also, the Naira is too unstable. I can’t take that risk.”
Aisha is part of a growing group of Africans who are using cryptocurrency for their finances in the face of inflation, banking restrictions, and currency devaluation.
A System for Everyday Survival
Aisha’s story is no longer unusual. In other parts, similar stories echo from students, gig workers, and small traders. They are relying on digital currencies to access financial services that their formal banking systems fail to provide.
For David, a P2P crypto trader, crypto isn’t just about storage, it’s about income.
“This is my night hustle,” he says. “I can flip coins while sitting on my couch.”
David makes small but consistent profits by trading stablecoins helps him through. By day, he works full-time in a corporate job. By night, he watches price charts and arbitrages crypto between platforms.
“Crypto isn’t perfect,” David admits. “But at least I have options now. That alone is powerful.”
New Generation of African Crypto Startups
In Nigeria, a new generation of startups like Roqqu, Yellow Card, and Busha are building Africa-first crypto platforms.
For many users, these local apps are easier to trust than foreign exchanges with little presence on the continent.
But even with the impressive growth stats, many users still battle inconsistent service, high gas fees, and regulatory grey zones that leave them exposed.
But the Cracks Still Show
Despite their growth, local crypto platforms face hurdles. Onboarding users with low digital literacy, navigating unclear regulation, and building trust in volatile markets remains difficult.
Some users complain about slow customer service, downtime during price swings, and poor dispute resolution.
Yet users believe the benefits outweigh the pain points. The ability to send money instantly, hedge against inflation, and access financial tools without stepping into a bank keeps them loyal.
“The apps might crash sometimes,” Aisha noted. “But honestly, I’d rather deal with that than watch my naira savings lose half its value in six months.”
Crypto’s African Identity Is Still Being Written
African crypto startups are not just offering platforms, they’re offering alternatives. According to experts, the rise of homegrown blockchain services is a direct response to decades of exclusion from formal financial systems.
These startups are building solutions tailored to the continent’s unique challenges, whether it’s high remittance fees, volatile currencies, or limited access to traditional banking.
Experts added that by localising services, or enabling dollar-denominated savings through stablecoins, these startups will fill gaps that banks and international fintechs have long ignored.
