Economy

Telegram Helps Crypto Usage Rise by 189% in Africa

Published

1 year ago

25/11/2024

Telegram has raised crypto usage by 189% in Africa. The messaging app for smartphones has ushered in a new era of communication by enabling cryptocurrencies and digital transactions to take place on Telegram. According to reports published by the cryptocurrency exchange, Bitget, Telegram has played an important role in reshaping the economy of Africa. Many citizens in Africa are adopting to cryptocurrency and decentralized finance (DeFi) by downloading Telegram on their digital devices.

The shift in digital transformation for Africans is a positive sign for crypto investors. Digital tokens like Bitcoin and Ethereum are moving the focus of cryptocurrencies from traditional Western banking to online transactions for smoother business operations. The survey released by Bitget studied the impact of Telegram across countries in Africa between January 2023 – August 2024. These findings have confirmed that the crypto-based messaging app, Telegram, has increased its user base in Africa by more than 3 million accounts.

56% of Telegram users in Africa are under 25

The younger generation of Telegram users has contributed to the growth of crypto-based activity in Africa. As per the Bitget report, the majority of Telegram account holders in Africa belong to a group of people under the age of 25. Economic instability has led young Africans to process their digital transactions on Telegram. The availability of banking services in vast regions of Africa has reduced over the years, letting the younger generation of online users get involved in blockchain technology and cryptocurrency to earn their living.

Asian countries have dominated the crypto industry. A large number of crypto companies have expanded their presence in Asia and across the globe by implementing cryptocurrencies and digital transactions into their daily routines. Bitget has stated that close to 90% of cryptocurrency users in Asia are aged between 18-39, capturing the financial markets in Asian countries by a whopping 216% increase in 2024.

African communities are eager to use Telegram for their business needs. Predictions have emerged that by 2025, over 54 million users in Africa might be using cryptocurrency to buy and sell goods and services. Countries like Nigeria and Ghana are taking charge of digitalization in Africa to ensure a secure future for African nations.

Mobile apps are at the forefront of digitalization. Telegram has over 900 million active monthly users worldwide, becoming a prominent app for people in their youth. The United Kingdom has over 6 million monthly users on Telegram while emerging markets such as India have generated 84 million downloads per month.

Telegram can be used on multiple digital devices

Africans enjoy the ease of use that Telegram provides to its customers. People can use Telegram on different digital devices including an Android smartphone, Apple iPhone, iPad, macOS, Linux, and PC. Each chat session on Telegram is synced and allows its users to access chat history on various devices. These messages are coded for encryption and deliver messages faster than other digital communication platforms.

Groups in Telegram can have up to 200,000 members. Africans can invite their friends and family to their network and connect with several crypto-based businesses on Telegram. Customization options in chat can make interactions fun and more engaging for the younger generation of crypto users in Africa. Messages sent and received on Telegram are safe from cyberattacks, turning the mobile app into a reliable platform for people.

All people need is their mobile phone number to access chats on Telegram. Africans can log into their Telegram accounts on multiple devices simultaneously. The API for Telegram is open to developers and enables people to build their own applications that can be integrated with other digital platforms. There are several features on Telegram like check marks and last seen time that can unlock new possibilities for African crypto traders and investors.

Mini apps get an update for Telegram

In November 2024, Telegram released a large update for mini apps that has a fun pack of features. Africans can open mini apps on Telegram in full-screen mode to view applications using the entire screen. Crypto games on Telegram can be played in portrait and landscape orientation with intuitive interfaces and gestures for entertainment. These mini apps can seamlessly function on Telegram to run applications on mobile devices.

VR experiences on Telegram are getting stronger due to device motion tracking. Crypto companies in Africa can develop mini apps for their Telegram users by receiving a ton of information about motion, providing unique controls to applications and games. Simple gestures like locking the screen on mobile devices can prevent Telegram users from screen rotations during their gaming experiences. Placing a shortcut for mini apps on the home screen of a digital device can reduce the time it takes to access applications directly on Telegram.

Developers in Africa can plan for events with mini apps that are dedicated to cryptocurrency holders. Building interactive maps for each digital event can be rewarding for young Africans developing blockchain technology to launch location-based crypto games in the future. Crypto users can send gifts on Telegram to recognize Africans for their online activities. Stars can be spent on Telegram to unlock a variety of achievements like trophies to celebrate winners.

Premium users on Telegram in Africa can change their statuses from mini apps to update their profiles. Mini apps allow its users to create and share media on Telegram. Sending referral codes and memes can take less time on Telegram compared to other leading messaging services.

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Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Economy

Seven Price Gainers Boost NASD OTC Bourse by 2.19%

Published

19 hours ago

21/02/2026

Adedapo Adesanya

By Adedapo Adesanya

Seven price gainers flipped recent declines at the NASD Over-the-Counter (OTC) Securities Exchange, raising the alternative stock market by 2.19 per cent on Friday.

According to data, the market capitalisation added N51.24 billion to end N2.389 trillion compared with the previous day’s N2.338 trillion, while the NASD Unlisted Security Index (NSI) climbed 85.65 points to close at 3,994.32 points, in contrast to the 3,908.67 points it ended a day earlier.

Business Post reports that the advancers were led by MRS Oil Plc, which improved its value by N13.00 to N200.00 per share from N187.00 per share, FrieslandCampina Wamco Nigeria Plc gained N7.40 to settle at N91.55 per unit versus the previous day’s N84.15 per unit, Central Securities Clearing System (CSCS) Plc appreciated by N6.08 to N71.00 per share from N64.92 per share, Afriland Properties Plc added 66 Kobo to finish at N17.17 per unit versus N16.51 per unit, IPWA Plc rose 37 Kobo to N4.15 per share from N3.78 per share, First Trust Mortgage Bank Plc grew by 11 Kobo to N1.20 per unit from N1.09 per unit, and Food Concepts Plc went up by 10obo to N3.70 per share from N3.60 per share.

On the flip side, there were two price losers led by Geo-Fluids Plc, which depreciated by 28 Kobo to N3.32 per unit from N3.60 per unit, and Industrial and General Insurance (IGI) Plc dropped 5 Kobo to sell at 45 Kobo per share from 50 Kobo per share.

Yesterday, the volume of trades went down by 92.0 per cent to 3.7 million units from 45.8 million units, the value of transactions fell by 59.4 per cent to N84.5 million from N208.2 million, while the number of deals went up by 7.7 per cent to 42 deals from 39 deals.

CSCS Plc remained the most traded stock by value (year-to-date) with 32.6 million units exchanged for N1.9 billion, trailed by Geo-Fluids Plc with 119.6 million units valued at N470.3 million, and Resourcery Plc with 1.05 billion units traded at N408.6 million.

Resourcery Plc closed the day as the most traded stock by volume (year-to-date) with 1.05 billion units sold for N408.7 million, followed by Geo-Fluids Plc with 119.6 million units worth N470.3 million, and CSCS Plc with 32.6 million units worth N1.9 billion.

Economy

FX Demand Worries Weaken Naira to N1,346/$1 at Official Market

Published

19 hours ago

21/02/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira weakened further against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, February 20, by N4.97 or 0.37 per cent to N1,346.32/$1 from the N1,341.35/$1 it was transacted on Thursday.

Heightened FX demand tilted the market toward the downside yesterday, exerting upward pressure on rates despite efforts by the Central Bank of Nigeria (CBN) to stabilise the foreign exchange market.

Also in the official market, the domestic currency depreciated against the Pound Sterling during the session by N9.39 to sell for N1,815.25/£1 versus the previous day’s N1,805.86/£1, and lost N7.33 against the Euro to close at N1,584.62/€1 compared with the preceding session’s N1,577.29/€1.

The story was not different for the Nigerian Naira at the GTBank FX desk, where it depleted against the Dollar by N7 on Friday to quote at N1,356/$1 versus the N1,349/$1 it was sold a day earlier, but remained unchanged in the black market at N1,370/$1.

It was observed that risky sentiment among Foreign Portfolio Investors (FPIs) contributed to the FX market, amid fears of hot money flight due to capital gains tax and other factors.

As for the cryptocurrency market, it was mostly green yesterday in reaction to a Supreme Court verdict dismissing a fresh 10 per cent global levy by President Donald Trump.

The apex court on Friday described Mr Trump’s global tariff rollout as illegal. The decision did not clarify what should happen to tariff revenue already collected, and it doesn’t necessarily spell the end of the trade agenda, with multiple legal and executive avenues still available.

Litecoin (LTC) grew 2.7 per cent to $55.00, Cardano (ADA) appreciated 2.6 per cent to trade at $0.2815, Binance Coin (BNB) expanded by 2.6 per cent to $627.19, Dogecoin (DOGE) recouped 1.3 per cent to quote at $0.1, Ripple (XRP) jumped 0.7 per cent to $1.43, Solana (SOL) improved by 0.5 per cent to $84.15, and Ethereum (ETH) soared 0.1 per cent to $1,962.78.

However, Bitcoin (BTC) lost 0.2 per cent to sell for $67,850.49, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

Economy

Fidson, Jaiz Bank, Others Keep NGX in Green Territory

Published

24 hours ago

21/02/2026

Dipo Olowookere

By Dipo Olowookere

A further 0.99 per cent was gained by the Nigerian Exchange (NGX) Limited on Friday after a positive market breadth index supported by 53 price gainers, which outweighed 23 price losers, representing bullish investor sentiment.

During the trading day, the trio of Jaiz Bank, Fidson, and NPF Microfinance Bank chalked up 10.00 per cent each to sell for N11.00, N86.90, and N6.27, respectively, while Deap Capital appreciated by 9.96 per cent to N7.62, and Mutual Benefits increased by 9.94 per cent to N5.42.

Conversely, Secure Electronic Technology shed 10.00 per cent to trade at N1.62, Sovereign Trust Insurance slipped by 9.73 per cent to N2.32, Ellah Lakes declined by 7.91 per cent to N12.80, International Energy Insurance retreated by 5.56 per cent to N3.40, and ABC Transport moderated by 5.26 per cent to N9.00.

Data from Customs Street revealed that the insurance counter was up by 2.52 per cent, the industrial goods sector grew by 2.28 per cent, the banking space expanded by 1.43 per cent, the consumer goods index gained 1.23 per cent, and the energy industry rose by 0.05 per cent.

As a result, the All-Share Index (ASI) went up by 1,916.20 points to 194,989.77 points from 193,073.57 points, and the market capitalisation moved up by N1.230 trillion to N125.164 trillion from Thursday’s N123.934 trillion.

Yesterday, investors traded 820.5 million stocks valued at N28.3 billion in 63,507 deals compared with the 898.5 million stocks worth N38.5 billion executed in 61,953 deals, showing a jump in the number of deals by 2.51 per cent, and a shortfall in the trading volume and value by 8.68 per cent and 26.49 per cent apiece.

Closing the session as the most active equity was Mutual Benefits with 79.0 million units worth N427.1 million, Zenith Bank traded 44.0 million units valued at N3.8 billion, Chams exchanged 43.9 million units for N182.0 million, AIICO Insurance transacted 42.4 million units valued at N179.8 million, and Veritas Kapital sold 36.0 million units worth N90.6 million.