The African blockchain funding scene: More deals, less dollars

Nigeria saw the most deals done, but Seychelles maintained top spot in terms of deal value.

Nigeria saw the most deals done, but Seychelles maintained top spot in terms of deal value.

Seychelles, long regarded as a crypto-friendly jurisdiction, is moving to rein in the digital asset industry within its borders as consumer complaints about crypto-related losses continue to rise.

The island has seen more activity from global crypto companies than most African countries due to its relaxed KYC guidelines and loose virtual asset regulations.

Overall, Sub-Saharan Africa received $117.1 billion in crypto value between July 2022 and June 2023, according to data from blockchain analytics firm Chainalysis.

Figures show 50% of countries with available data experienced an increase in consumer prices in March.

South Africa, Liberia and Kenya led Nigeria for total funding. MFS Africa, Valr, Jambo, Ejara all feature in the report.

The country's finance minister says complaints about crypto activities in Seychelles are increasing.

Further contractions in consumer prices suggest that central banks’ tactics to curb inflation are productive.

African consumers are beginning to see steadier prices as 2022 nears its end, according to the latest inflation figures.