Crypto in Africa: Nigeria far outpaces the global average
The figures are significantly higher than elsewhere in the sample. Some 34% of Nigerian SMEs accept crypto, while 22% use it to pay certain business expenses. The adoption trend echoes one BrefCrypto had already identified: Nigeria accounts for about 60% of sub-Saharan Africa’s stablecoin flows.
Stablecoins are now taking on a distinct role in commercial activity. Some 23% of the companies surveyed say they accept them as a means of payment, while 11% use them to pay expenses—the highest levels among the 18 markets studied.
For comparison, in the United Arab Emirates, another particularly advanced market, 14% of SMEs accept cryptocurrencies and roughly 10% already use stablecoins for business expenses.
Nigeria is therefore well ahead on these indicators.
The Dreamonomics study published by Mastercard is based on a survey conducted in February and March 2026 among more than 6,000 small-business owners and senior executives at companies with fewer than 250 employees across 18 markets.
One caveat is worth keeping in mind: these are self-reported responses, not an on-chain analysis of payments actually made.
Stablecoins are becoming a business tool
The most interesting figure may not be the 34% rate.
Accepting crypto may still involve only a handful of occasional transactions. Using it to pay business expenses points to a much deeper level of integration.
The shift fits the structure of Nigeria’s market. Businesses have to contend with international payments, access to dollars, naira volatility and cross-border settlement costs. Stablecoins offer a relatively direct solution: holding value pegged to the dollar and moving it within minutes.
BrefCrypto had already noted that Nigeria’s crypto market exceeds $92 billion during certain measurement periods, while authorities are gradually strengthening taxation, compliance and oversight of service providers.
The infrastructure is developing as well. Mastercard and Busha have introduced Crypto Credential in Nigeria, enabling some users to send digital assets through verified identifiers that are simpler than a long blockchain address.
At the same time, DCS Pay and Kotani Pay are preparing conversions between USDT, USDC, local currencies and mobile money.
The market is therefore beginning to connect three layers: stablecoins, businesses and local payment rails.
Cybersecurity is keeping pace with crypto
The Mastercard study also highlights a less visible feature of Nigeria: digital adoption is accompanied by an above-average focus on protection.
Some 81% of the SMEs surveyed consider cybersecurity a high priority, while 47% already use tools such as antivirus software or firewalls. Here again, Nigeria ranks first among the 18 markets studied. The global average for using these tools is just 37%.
Interest in artificial intelligence is just as strong. Some 83% of Nigerian SMEs say they are enthusiastic about its potential, and 59% would be interested in AI-powered fraud-prevention and security solutions.
The connection between crypto and cybersecurity is far from incidental. The more a company accepts digital payments, uses wallets or manages stablecoins, the more costly a compromise involving an email account, phone or credentials can become.
Perhaps the most revealing figure lies elsewhere: only 51% of Nigerian SMEs prioritize stability and predictability over rapid growth, compared with 68% across the study as a whole. They therefore rank among the businesses most willing to take risks in order to grow.
In Nigeria, crypto, stablecoins, AI and cybersecurity are advancing together.
Nigeria is no longer merely one of Africa’s largest crypto markets by volume. Some of its SMEs are beginning to use digital assets as genuine business infrastructure.
