Africa has witnessed remarkable growth in cryptocurrency adoption, fueled by rising investments and individual interest. According to Chainalysis, Sub-Saharan Africa contributed 2.7% to the global crypto economy’s transaction volume, with an estimated on-chain value of USD 125 billion in the past year. Diverse uses of cryptocurrencies, such as business payments, inflation hedging, and smaller transactions, drive this surge. Nigeria leads the continent, receiving approximately USD 59 billion in crypto value from mid-2023 to mid-2024, despite government crackdowns on its use. These crackdowns, which primarily involve regulatory measures to control the use of cryptocurrencies, have not dampened the population’s interest in crypto. In fact, some reports show that 33% of the population in Nigeria invests in cryptocurrency, indicating the growing momentum of this trend. Other African nations are also beginning to recognize the potential benefits of digital assets, showcasing a broader trend toward crypto adoption.

In the latest African Top 100 Banks rankings, Ethiopia stands out with five banks represented, highlighted by the state-owned Commercial Bank of Ethiopia, which ranks 28th overall. This bank boasts a Tier 1 capital of USD 1 billion, a key indicator of its financial strength and ability to absorb losses, and an impressive ROE of 30%, a measure of its profitability. Tier 1 capital is a bank’s core capital, including equity capital and disclosed reserves, which is a crucial indicator of a bank’s financial strength and ability to absorb potential losses. ROE, or Return on Equity, measures a bank’s profitability and calculates how much profit a bank generates with the money shareholders have invested. The Development Bank of Ethiopia is close behind, coming in at 44th with a Tier 1 capital of USD 613 million.

Top 10 African Nations Pioneering Electric Vehicle Adoption

Government policies are crucial in driving the growth of electric vehicles in Africa. Ethiopia, for instance, is emerging as a critical player in the continent’s electric vehicle landscape, with an estimated 5,000 to 7,000 electric vehicles on the roads. This growth is largely driven by favourable government policies that promote sustainable transport and attract investment. Ethiopia’s abundant renewable energy resources, mainly hydroelectric power, further support its commitment to electric mobility.

By 2035, Africa’s top 100 cities, each with populations exceeding one million, are expected to contribute over 60% of the continent’s GDP. Rapid urbanization will foster more dynamic consumer markets and sophisticated commercial hubs, enhancing industrial production and trade networks. While major urban centres like Cairo, Lagos, and Johannesburg will continue to dominate economically, emerging cities such as Kinshasa, Dar es Salaam, and Addis Ababa will likely experience significant growth driven by infrastructure development and urbanization. The Economist predicts that Addis Ababa will achieve an impressive GDP growth rate of 10.6%, the fastest among the ranked cities. This growth is primarily attributed to the city’s ongoing urban transformation and modernization projects, which are crucial for attracting foreign direct investment and positioning Addis Ababa as a regional hub for multinational corporations and international financial institutions. Ethiopian Airlines, one of Africa’s largest airlines, further solidifies the city’s role as a corporate and MICE tourism destination.