Africa Crypto News Week in Review: Nigeria Partners with Chainalysis, South Africa to Release Crypto Framework, as Stablecoin Adoption Rises

In Africa crypto news this week, the Nigerian financial enforcement agency is partnering with blockchain analysis platform Chainalysis to combat fraud. In Kenya, Honeycoin has raised $4.9 million to boost its crypto and fiat payments network. Meanwhile, in South Africa, the finance minister said there are plans to release a crypto framework by the end of the year. The Bank of Ghana is also joining hands with the University of Ghana to promote financial innovation and develop policy. On the continental level, the IMF has found that stablecoin usage in Africa accounts for approximately 6.7% of the continent’s GDP.

Did You Know—South Africa is leading the crypto revolution in Africa with an 18% adoption rate among internet users aged 16-64?

Not only is it the first country in Africa to recognize crypto as a financial product, but cities like Johannesburg are also making global waves,… pic.twitter.com/UskwO7n2vA

— Lisk (@LiskHQ) August 28, 2024

Let’s look at crypto stories making continental headlines this week:

Nigeria Crypto News: SEC Partners with Chainalysis to Combat Fraud

The Nigerian Securities and Exchange Commission (SEC) has joined hands with blockchain platform Chainalysis to combat crypto fraud within the country.

SEC Director General Emomotimi Agama confirmed the partnership at an event titled “Combating Scams with Blockchain Intelligence.”

Chainalysis is renowned for its blockchain analytics services and serves as a tracking tool for fraudulent schemes.

Nigeria is taking steps to collaborate with the blockchain industry after a tumultuous relationship over the past two years.

This partnership signals that the country is keen to create an environment for crypto to thrive. At the same time, it looks at protecting consumers from fraud concerns that have emerged recently.

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South Africa Crypto News: Central Bank to Publish Crypto Regulatory Framework

South Africa’s Finance Minister, Enoch Godongwana, has revealed plans for the South African Reserve Bank (SARB) to publish a regulatory framework this year covering BTC ▼-0.66% and crypto businesses.

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According to Godongwana, the framework will guide crypto service providers in the country, detailing conditions, reporting, and administrative requirements, among others.

The framework aims to seal loopholes and curb illicit fund flows into crypto, which crypto businesses can facilitate on behalf of clients, some of whom are investors in some of the best cryptos to buy.

Progress has been made since December 2022. The finance minister noted that crypto service providers in South Africa have been classified as accountable institutions under the Financial Intelligence Centre Act (FICA) and are subject to AML rules.

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Kenya Crypto News: Honeycoin Raises $4.9 Million for Stablecoin Operations

Kenya-based crypto startup Honeycoin has raised $4.9 million in a seed funding round to accelerate the growth of its stablecoin-compatible payment platform.

Honeycoin, launched in 2020 by David Nandwa, has carved a niche in merging fiat rails with blockchain infrastructure. The platform has grown significantly, processing over $100 million in transaction volume monthly. It has also expanded to over 40 countries.

Speaking on the new funding, Nandwa reiterated the company’s mission:

“Our mission is to build the operating system for money, how it’s moved, held, and collected, regardless of medium or geography. Just as Apple redefined computing and Visa transformed global commerce, we believe financial infrastructure is undergoing another once-in-a-generation shift.”

The funding round was led by Flourish Ventures, with participation from Visa Ventures and TLcom Capital. Honeycoin anticipates that the capital injection will enable rapid scaling and full harnessing of regional blockchain potential.

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Ghana Crypto News: University of Ghana Partners with Central Bank

The Bank of Ghana (BoG) has partnered with the University of Ghana to strengthen economic research, financial innovation, and policy formulation.

In a press release, the central bank announced it will establish a Chair in Finance and Economics to advance the objectives of this partnership.

Professor Yegandi Alagidede currently holds the Bank of Ghana Chair in Finance and Economics.

Dr. Johnson Asiama, the Governor of the central bank, said the chair will be key in shaping the country’s financial infrastructure. Moreover, the chair will fast-track the bridging of policy and academia gap, and mentoring future policymakers and economists.

This partnership will also focus on developing the e-Cedi, a central bank digital currency (CBDC) whose pilot was launched as part of the Digital Ghana Agenda.

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Africa Crypto News: Stablecoin Flows in Africa Hit 6.7% of GDP Per IMF

The International Monetary Fund (IMF) has found that stablecoin flows in Africa reached 6.7% of the continent’s GDP in 2024.

This figure represents one of the highest regional ratios globally, though the continent lags behind North America and Asia in total volumes.

(Source: IMF)

The IMF reported that Africa and the Middle East accounted for $200 billion in stablecoin transactions in 2024. USDT and USDC remain the preferred stablecoins. This choice is largely due to their established reputation and ties to the USD, the de facto global reserve currency.

These numbers highlight a continent punching above its weight in the crypto sector. Despite lagging in general economic indicators, Africa’s crypto usage is accelerating. Most importantly, more people are exploring some of the best meme coin ICOs.

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The post Africa Crypto News Week in Review: Nigeria Partners with Chainalysis, South Africa to Release Crypto Framework, as Stablecoin Adoption Rises appeared first on 99Bitcoins.

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