Nigeria captures 33% of African blockchain deals as continent outpaces global adoption

Nigeria has grabbed one-third of all blockchain deals in Africa.

CV VC, a Swiss venture firm, released these numbers in their fourth African Blockchain Report today. This fourth edition was published in association with the South Africa-based banking group, ABSA (formerly, Barclays Africa).

The report reveals that Africa pulls in blockchain funding at twice the global rate. Globally, blockchain deals account for 3.2% of all venture funding activity, but in Africa, it’s 7.4%. Africa also leads all regions with 15% growth in blockchain deals year over year.

The median blockchain deal in Africa hit $2.8 million, double the $1.4 million median across all sectors. Total blockchain funding dropped 36% to $122.5 million, and early-stage deals made up most of the activity.

Nigerian blockchain startups raised $20 million in 2024, according to a new report by VC firm Hashed Emergent. The report also reveals that Nigeria now accounts for 3% of the world’s blockchain developers, with over 300,000 active builders in the space.

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The participation problem in Africa

The funding gap tells a bigger story. Africa only captured 1% of global blockchain funding in 2024. The continent’s deal count share rose to 2.3% from 2.1%. Funding share fell to 1% from 1.8%. This creates what investors call an opportunity gap rather than underperformance.

Which African country is leading?

Kenya takes second place with 13% of African blockchain deals. South Africa captures 18% of the total funding. Pan-African startups attract 28.4% of all funding. These cross-border platforms solve problems across multiple countries.

“Blockchain technology is uniquely suited to solving niche African problems,” said Jarryd Kennedy, Head of Investments at CV VC Africa. “African founders are showing the world how blockchain addresses real-world challenges like data sovereignty, efficient remittances, provable identity, inaccessible credit, and verifiable land ownership. As more success stories surface, investor confidence continues to rise.”

Seed rounds dominated 33.9% of all blockchain funding, showing strong early-stage momentum. Centralized Blockchain Financial Services received 40.5% of the total funding. The biggest category remains financial services.

Beyond Fintech, Blockchain is tackling agriculture

Blockchain is moving beyond finance in Africa. Agriculture employs over 60% of Africa’s workforce. Blockchain now secures land ownership and powers rural energy. It verifies farmers’ climate action.

“Africa isn’t testing blockchain, it’s embedding it where it matters most for the future of humanity,” said George Maina, CEO of Shamba Records. “In agriculture, we are blending regenerative wisdom with blockchain transparency.”

The technology tackles Africa’s food export losses. Poor supply chain tracking costs billions. Blockchain records farmer identities and crop data. This helps meet strict EU import rules worth €7.5 billion by 2025. Farmers earn extra income through blockchain-verified carbon tracking. A smallholder farmer can earn $300 more per year.

Regulatory progress across the continent

Seven African countries, including Kenya and Seychelles, now have digital asset regulations. Another 35 are exploring frameworks. This shift moves from risk aversion to innovation. Regulatory clarity helps startups operate and attract funding.

“This isn’t just an investment gap, it’s an opportunity gap,” said Mathias Ruch, CEO, CV VC. “Africa isn’t underperforming. Global capital is under-participating.”

Africa will house 25% of the global population by 2050. The continent has 65% of the global arable land. Nine of the world’s 20 fastest-growing economies sit in Africa. Mobile and blockchain infrastructure create leapfrog opportunities.

“This report highlights a continent in motion,” said Rob Downes, Head of Digital Assets, Absa CIB, the corporate and investment banking arm of Africa’s largest bank. “African innovators are solving deeply rooted challenges with blockchain, from trade bottlenecks to agricultural transformation. Absa is pleased to be an active contributor and believes blockchain will be central to Africa’s digital economic leap.”