Kenya

10.71% of Kenyans own cryptocurrency

How many cryptocurrency owners are there in Kenya?

It is estimated that 6.1 million people, 10.71% of Kenya’s total population, currently own cryptocurrency.

State of cryptocurrencies in Kenya

As of 2022, Kenya remains one of the three largest Bitcoin markets in Africa, alongside cryptocurrency giants Nigeria and South Africa. They continue to be among the leading adopters of cryptocurrency, ranking in the top 20 in Chainalysis’s 2022 Global Cryptocurrency Adoption Index Report. Kenya’s huge market share in Bitcoin was reflected in statistics reported by

LocalBitcoins is a firm that facilitates over-the-counter trading of local currencies for Bitcoins. The trading platform revealed that Kenya hit record-high numbers in terms of trading volume of cryptocurrencies on P2P transactions. LocalBitcoin’s Head of Business Development, Vladislav Alimpev, stated that “The record trading volume in Kenya was achieved during the second week of January 2021 when as much as KES 150 million worth of Bitcoin was traded on our platform, which amounts to $1.3million. $1.3million puts Kenya in the top echelon of the countries on LocalBitcoins by trading volume. Only a handful of countries have ever broken that $1 million a week barrier”. Similar to many of their African counterparts, many continue to adopt cryptocurrencies as their primary asset class to preserve their purchasing power amid local currency devaluation. According to a UN survey about the cryptocurrency climate within Africa, Kenya has the highest proportion of its people holding cryptocurrencies within the African continent.

Nonetheless, Kenya’s enthusiasm for cryptocurrencies did not fall on deaf ears as the Central Bank of Kenya made the decision to adopt cryptocurrencies as its reserve currency, in an attempt to tackle the rising financial crisis in the nation. Furthermore, the Kenyan government is putting in measures to innovate its financial sector. In their recent Vision 2030 proposal, the Kenyan Ministry of ICT is developing the National Payments Vision and Strategy, with one of its main priorities being regulation and security for digital payments.

Kenya's cryptocurrency ownership demographics

According to a survey conducted by Finders, it is reported that 60% of its cryptocurrencies owners are male, following the global trend whereby countries tend to have more men owning cryptocurrencies compared to their female counterparts. In terms of ownership across different age groups, Kenya sees an evenly distributed demographic with both 18-34 year-olds and 55+-year-olds making up 36% each.

Cryptocurrencies' rising popularity in Kenya

• Kenya’s Cryptocurrencies Crowd Hopes President-Elect Will Be Better Than Predecessor – August 2022
  Amid the recent presidential election in Kenya, the country’s cryptocurrency community holds high hopes for the new incumbent president, William Ruto, regarding the country’s cryptocurrency future. Ever since the central bank issued a cautionary notice on cryptocurrencies in 2018, the country has seen no legislative process to regulate them, leaving the cryptocurrency community in a grey area. However, with a younger president, cryptocurrencies-enthusiast Kenyans is optimistic about the future of cryptocurrencies in their country.

• Over 4 million Kenyans own cryptocurrencies, the highest share in Africa – July 2022
  A United Nations Conference on Trade and Development (UNCTAD) report suggests that Kenya has the largest share of its population with cryptocurrencies in Africa, putting it ahead of developed economies such as the United States. The report attributed this increase in cryptocurrency adoption to low fees charged by centralised cryptocurrency exchanges, faster and safer transactions, and a hedge against a depreciating local currency.