Nigeria Leads the Way
Bitcoin adoption in West Africa is largely driven by Nigeria, which is considered a crypto powerhouse and the economic engine of the region. However, French-speaking West Africa is also experiencing a surge in Bitcoin educational initiatives and adoption.
The Rise of Bitcoin in Senegal
Senegal recently opened its first physical Bitcoin exchange and education center called Bitique. Additionally, the country will host a Bitcoin Forum in December. Local Bitcoin advocate Nourou runs an independent Bitcoin node from space.
Benin Embraces Bitcoin
In Benin, the Bitcoin Mastermind conference, the first of its kind in the country, will take place next month. This event brings together Bitcoin entrepreneurs and crypto enthusiasts from homegrown groups and businesses, providing locals with an opportunity to learn about Bitcoin.
Crypto Revolution in West Africa
French-speaking West African countries experience anti-French sentiment and are subjected to the West African CFA franc currency. As a result, growing numbers of people in Senegal and Benin are turning to Bitcoin as an alternative currency. This has led to the emergence of various alternative currency initiatives in the region.
Physical Spaces for Financial Education
In West African countries, financial education and discussions are often conducted through physical meetups and real-life interactions. Although the COVID-19 pandemic initially shifted these activities online, more physical spaces have opened up post-pandemic to facilitate education and outreach.
Bitcoin Education in Senegal
Nourou, the founder of Dakar Bitcoin Days and Bitcoin Senegal, has opened Bitique, Dakar's first physical Bitcoin store. In addition to trading services, Bitique also offers educational programs to teach people about Bitcoin in person. The Bitcoin Senegal program called "Baol Digital Kids" teaches children how to use Bitcoin and the Lightning Network.
Bitcoin Adoption in Benin
In Benin, Bitcoin adoption is on the rise, but it comes with risks associated with the broader crypto market. There is a need for the West African community to understand the distinction between Bitcoin and other cryptocurrencies to avoid disappointment and scams.
Moving Beyond Bitcoin
Bitcoin meetups in West Africa present opportunities to differentiate Bitcoin from the rest of the crypto market and showcase its potential. While the Central African Republic initially made headlines for adopting Bitcoin as legal tender, it later introduced its own crypto token and started experimenting with tokenizing real-world assets. Ghana is also hosting a Bitcoin and educational conference this year.
Overall, West Africa is experiencing a growing interest in Bitcoin, with educational initiatives and physical spaces for learning contributing to its adoption in the region.
