Nigeria has emerged as one of the world’s leading adopters of cryptocurrency for cross-border payments, with two in every five Nigerians now using digital assets to send or receive funds internationally, a new report said.

The finding is contained in the inaugural Cross-Border Payments Interoperability Index published by a fintech firm, Thunes, in partnership with Juniper Research.

Nigerians in the Diaspora, historically, explore informal windows to send money to their relations back. Beyond other treasons, they circumvent official channels to evade cost, which is the highest in Africa.

The new report, which surveyed more than 6,500 consumers across 10 markets and assessed payment ecosystems in 50 countries, found that about 40 per cent of Nigerians use cryptocurrency for international transfers, significantly above the global average of 11 per cent.

According to the report, Nigeria’s high adoption of the technology reflects growing reliance on digital assets amid persistent foreign exchange (FX) shortages, naira depreciation and limited access to conventional cross-border payment channels.

“Cryptocurrency is widely used as both a hedge against currency devaluation and a store of value, particularly in the context of persistent foreign currency shortages and restricted access to foreign exchange,” the report stated.

The study also highlighted the role of Nigeria’s young and digitally savvy population in driving adoption. It found that only 19 per cent of Nigerian consumers had never heard of stablecoins, compared with a global average of 38 per cent, indicating relatively high awareness of emerging digital financial products.

Researchers described Nigeria as a key market for next-generation payment solutions, noting that economic realities and strong digital adoption have accelerated innovation in cross-border transactions and broader financial services.

Despite the rapid uptake of cryptocurrencies, the report said payment interoperability across many African markets remained weak. Fragmented infrastructure and limited banking connectivity continue to slow cross-border transactions, with recipients in some cases waiting several days before funds are received.

The report contrasted this with Europe, where the Single Euro Payments Area (SEPA) enables seamless cross-border transfers across participating countries. It added that parts of the Americas and Asia-Pacific region still face delays caused by fragmented payment systems and currency restrictions.

Africa, however, was recognised for its growing use of mobile-first financial services and greater transparency in cross-border transaction costs. In South Africa, for instance, 26 per cent of respondents said a mobile wallet was their first formal financial account, reflecting the continent’s increasing reliance on digital financial platforms.

Globally, mobile wallets and payment applications have become the most widely used channel for international money transfers, accounting for 48 per cent of adoption.

However, banks continue to play a central role in settlement and processing, highlighting the need for stronger integration between digital platforms and traditional financial institutions.

Earlier this year, the Securities and Exchange Commission increased capital requirements for digital asset exchanges, with compliance expected by June 2027, a move that shows Nigeria’s regulatory framework for digital assets is evolving.

The revised rules bring previously unregulated operators under stricter oversight, which analysts believe could strengthen investor confidence and support the continued growth of Nigeria’s digital asset ecosystem.