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

Food Concepts Return NASD OTC Exchange to Danger Zone

Published

7 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.

Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.

This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.

Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.

Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.

At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.

InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.

Economy

Investors Gain N97bn from Local Equity Market

Published

7 hours ago

05/12/2025

Dipo Olowookere

By Dipo Olowookere

The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.

This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.

UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.

On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.

Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.

Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.

A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.

This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.

For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.

Economy

Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market

Published

8 hours ago

05/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.

At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.

It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.

Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.

Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.

Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.

“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.

Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.

Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.

If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.

Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.