The younger generation in Nigeria is particularly enamored with cryptocurrency. That is old news already. There is no doubting that the emerging blockchain technology in Nigeria is viewed as a liberating tool for financial freedom.

However, it is challenging to accept some recent statistics provided by Triple-A, a global cryptocurrency payment network, which claim that over 22 million Nigerians presently own cryptocurrencies. According to figures released last week, there are currently over 420 million crypto users worldwide, with 22 million of those users located in Nigeria.

The Triple-A crypto data 

The data, which was last updated on May 16 and was retrieved by Technext, shows that although the cryptocurrency market has experienced many unfavorable situations over the past few weeks and months, the public’s interest in owning crypto assets has not significantly decreased.

According to Triple-A data, there are more than 420 million users of crypto assets worldwide, and the average percentage of people who possess cryptocurrencies is currently 4.2%. Additionally, Asia (260 million) has the highest percentage of cryptocurrency users, followed by North America (average: 54 million), Africa (38 million), South America (33 million), Europe (31 million), and Oceania (1.5 million).

Particularly, the United States has the highest proportion of cryptocurrency owners (46 million), followed by Pakistan and India (27 million and 26 million, respectively). Fourth-placed Nigeria, with 22 million users, is followed by Vietnam, with 20 million.

According to demographic data, 63% of cryptocurrency users are men, compared to 37% women. 71% of them have a bachelor’s degree or higher, 71% of them are younger than 34, and the average annual income of a cryptocurrency owner is roughly $25,000.

Does Nigeria truly have 22 million crypto users?

Although it may appear that everyone in Nigeria is at least somewhat knowledgeable with cryptocurrencies, the 22 million users’ claim is utopian in a nation where a sizeable percentage of the population still lacks access to cellphones and the internet.

While there is no doubting that the user base is expanding, this does not necessarily mean the outlandish numbers. Triple-A claims it used four metrics, including (i) country weighted scoring, (ii) global weighted scoring, (iii) outlier research, and (iv) primary data collection, to arrive at the global ownership data. This was done in order to “obtain the most encompassing and accurate set of statistics in conjunction with the various data sources that we evaluate.”

It’s strange how these measures landed to 22 million crypto users in Nigeria. Estimates place the population of Nigeria at about 180 million. And according to DataReportal, the country will have 55.3% of its population online in 2023, or about 90 million people. It’s strange how a young technology that is still only widely used by teenagers managed to draw 22 million people in those conditions.

Taking a look at the traditional banking sector, which has significantly more established financial mechanisms. According to a Guardian article, Nigeria is one of the top three least banked nations in the world, with 40% of its people lacking a bank account.This demonstrates that the country is still battling with the difficulties of financial inclusion, and it is well-known that the majority of cryptocurrency users are people who are familiar with traditional institutions.

What can be inferred from all of this is that the organizations performing these cryptocurrency assessments have little to no actual expertise with the mechanics of cryptocurrency adoption in Nigeria.