For millions of Nigerians, sending money across borders has never been simple. Whether it is a freelancer receiving payment from a client overseas, a parent paying tuition fees abroad, a small business importing goods, or a family receiving support from relatives overseas, international transfers often come with familiar frustrations: high fees, long waiting times, foreign exchange restrictions, and endless banking processes.

Increasingly, many Nigerians are turning to cryptocurrency as a solution.

A new report by global payments company Thunes and Juniper Research found that about 40 percent of Nigerians now use cryptocurrency to send or receive money internationally, almost four times higher than the global average of 11 percent.

The figures place Nigeria among the world’s most active markets for crypto-based cross-border payments and highlight how digital assets are becoming part of everyday financial life rather than just speculative investments.

For many users, the appeal goes beyond cryptocurrency itself. It is about speed, convenience, and access.

According to the report, adoption is being driven by a combination of foreign exchange challenges, currency volatility, and difficulties accessing traditional international payment channels. In an environment where moving money across borders can often be complicated, digital assets are increasingly being viewed as a practical alternative.

The report also found that Nigerians are significantly more familiar with emerging digital financial products than users in many other countries. Only 19 percent of Nigerian respondents said they were unfamiliar with stablecoins, compared with a global average of 38 percent.

That growing awareness is helping accelerate adoption, particularly among freelancers, remote workers, international students, online entrepreneurs, and families that regularly send or receive money from abroad.

Nigeria’s position is hardly surprising. As one of Africa’s largest recipients of diaspora remittances, the country has long been searching for faster and cheaper ways to move money internationally. The rise of fintech platforms and digital payment solutions has already transformed parts of the financial sector. Cryptocurrency is increasingly becoming part of that evolution.

The trend also reflects the country’s youthful and highly connected population. Young Nigerians have often been among the earliest adopters of new financial technologies, particularly when those technologies offer solutions to everyday challenges.

Despite the growth, the report notes that significant barriers still exist across Africa’s cross-border payment ecosystem. Fragmented financial systems, limited interoperability between payment networks, and banking constraints continue to slow international transactions and increase costs.

In many cases, cryptocurrency is filling gaps that traditional financial infrastructure has struggled to address.

Also Read: NCDC flags 10 states as Ebola risk rises

At the same time, the study found that mobile wallets and digital payment apps are becoming the preferred channel for international transfers globally, accounting for nearly half of all usage. However, traditional financial institutions still play a critical role in settlement and transaction processing, highlighting the growing need for collaboration between banks and fintech companies.

The findings come as Nigeria continues to refine its approach to regulating digital assets. Earlier this year, the Securities and Exchange Commission introduced revised capital requirements for digital asset operators, with full compliance expected by June 2027.

For analysts, the combination of rising adoption and clearer regulation could help strengthen confidence in the sector. For many Nigerians, however, the story is much simpler. Cryptocurrency is no longer just an investment trend. Increasingly, it is becoming a tool for moving money across borders in a financial system where speed, flexibility, and access matter more than ever.

Meiza Nigeria