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

NASD Exchange Extends Bearish Run After 0.56% Drop

Published

10 hours ago

03/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south territory with a decline of 0.56 per cent on Wednesday, April 2.

This brought down the market capitalisation by N13 billion to N2.417 trillion from N2.430 trillion, and downed the NASD Unlisted Security Index (NSI) by 22.57 points to 4,062.87 points from the previous session’s 4,062.87 points.

It was observed that the NASD exchange ended with three price gainers and three price losers during the trading day.

MRS Oil Plc depreciated by N19.00 to close at N171.00 per unit compared with the previous price of N190.00 per unit, NASD Plc lost N4.14 to trade at N37.36 per share compared with Wednesday’s N41.50 per share, and Central Securities Clearing System (CSCS) Plc gave up N2.00 to sell at N78.00 per unit versus N80.00 per unit.

On the flip side, FrieslandCampina Wamco Nigeria Plc appreciated by 19 Kobo to N93.00 per share from N92.81 per share, Food Concepts Plc expanded by 15 Kobo to N2.87 per unit from N2.72 per unit, and Great Nigeria Insurance (GNI) Plc improved by 2 Kobo to 52 Kobo per share from 50 Kobo per share.

Yesterday, the volume of securities dipped by 91.8 per cent to 260.2 million units from 3.2 billion units, the value of securities went down by 98.1 per cent to N154.2 million from N8.3 billion, while the number of deals soared by 53.3 per cent to 46 deals from 30 deals.

GNI Plc was the most active stock by value on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 56.9 million units valued at N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.

The most traded stock by volume on a year-to-date basis was also GNI Plc with 3.4 billion units sold for N8.2 billion, trailed by Resourcery Plc with 1.1 billion units exchanged for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.

Economy

Naira Slips to N1,380/$1 at Official Market, Remains N1,405/$1 at Black Market

Published

10 hours ago

03/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira dropped N2.09 or 0.15 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 2, to trade at N1,380.79/$1 compared with Wednesday’s rate of N1,378.70/$1.

However, it appreciated against the Pound Sterling in the official market by N2.77 to quote at N1,824.86/£1 versus the N1,836.57/£1 it was traded at midweek, and improved its value against the Euro by N10.54 to N1,591.92/€1 from N1,602.46/€1.

Yesterday was the last trading session of the week for the local currency in the spot market, as the market will be closed on Friday and Monday for the Easter Holiday.

At the black market, the Nigerian Naira maintained stability against the greenback yesterday at N1,405/$1, but gained N8 at the GTBank FX counter to settle at N1,388/$1, in contrast to the previous session’s N1,396/$1.

Pressure eased on the domestic currency as strong policy indicators have helped calm the majority of worries within the financial systems. Particularly in the remittance segment, the apex bank has directed all International Money Transfer Operators (IMTOs) to route remittance transactions through designated Naira settlement accounts in banks, a move aimed at boosting transparency and channelling more foreign exchange into the formal market.

This helps take off pressure from the foreign reserves, which have fallen below the $50 billion mark as they are gradually decreasing rather than falling sharply.

Meanwhile, the cryptocurrency market was bullish on Thursday, as macro sentiment shifted against recent optimism after reports that Iran is drafting a protocol with Oman to manage traffic through the Strait of Hormuz, easing concerns about disruptions to a key global oil route.

The remarks came after U.S. President Trump on Wednesday night vowed to hit Iran “extremely hard” in the coming weeks and that the Strait of Hormuz would “open naturally” once the war ends.

Cardano (ADA) chalked up 1.9 per cent to trade at $0.2435, Dogecoin (DOGE) grew by 1.2 per cent to $0.0912, Ethereum (ETH) appreciated by 0.8 per cent to $2,066.37, Bitcoin (BTC) added 0.5 per cent to sell at $67,080.53, Solana (SOL) increased by 0.5 per cent to $79.91, and Ripple (XRP) jumped 0.2 per cent to $1.31.

Conversely, Binance Coin (BNB) dipped 0.7 per cent to $586.90, and TRON (TRX) depreciated by 0.3 per cent to $0.3147, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.

Economy

Bulls, Bears Share Customs Street’s Spoils Amid Bullish Investor Sentiment

Published

10 hours ago

03/04/2026

Dipo Olowookere

By Dipo Olowookere

The local stock market was relatively flat on Friday, as the bears and the bulls shared the spoils of war, though investor sentiment turned bullish compared with the preceding session’s bearish posture.

Data from the Nigerian Exchange (NGX) Limited showed that the All-Share Index (ASI) was marginally down by 4.66 points as it ended at 201,698.89 points versus Wednesday’s 201,703.55 points, and the market capitalisation slightly contracted by N3 billion to N129.806 trillion from N129.809 trillion.

Customs Street was shut on Friday because of the public holidays declared by the federal government today and next Monday.

Business Post reports that John Holt declined by 9.91 per cent to N15.45, Abbey Mortgage Bank shed 9.60 per cent to trade at N8.95, International Energy Insurance slipped by 6.48 per cent to N3.32, Chams shrank by 5.30 per cent to N3.75, and Tantalizers depreciated by 5.18 per cent to N4.03.

On the flip side, Unilever Nigeria improved by 10.00 per cent to N103.40, Fortis Global Insurance gained 9.82 per cent to trade at N1.23, Multiverse appreciated 9.81 per cent to N20.15, Legend Internet advanced by 9.38 per cent to N6.30, and Zichis grew by 9.02 per cent to N14.14.

The market breadth index was positive during the trading session, as there were 35 appreciating stocks and 24 depreciating stocks.

Yesterday, investors traded 560.0 million equities valued at N19.3 billion in 49,676 deals, in contrast to the 815.5 million equities worth N33.3 billion transacted in 52,641 deals in the preceding day, representing a drop in the trading volume, value, and number of deals by 31.33 per cent, 42.04 per cent, and 5.63 per cent, respectively.

Secure Electronic Technology dominated the activity log with 59.7 million shares valued at N61.1 million, Wema Bank exchanged 52.0 million equities worth N1.4 billion, VFD Group transacted 36.0 million stocks for N410.5 million, Access Holdings sold 35.3 million shares valued at N914.8 million, and Chams traded 31.0 million equities worth N115.0 million.