Report: Over 7 million South Africans turn to crypto as active users accelerate across Africa
About 7.8 million South Africans used cryptocurrency platforms in the first half of 2025, underlining the rapid expansion of digital asset adoption in Africa’s most industrialised economy, according to a new report by Discovery Bank and Visa.
Black News 
![A smartphone displaying a cryptocurrency trading app, reflecting the rapid rise in digital asset adoption among millions of South Africans. [Stock Photo/Getty Images]](https://ocdn.eu/pulscms/MDA_/cbc75074d8ecc70675fd83745e0f4a51.jpg)
About 7.8 million South Africans used cryptocurrency platforms in the first half of 2025, underlining the rapid expansion of digital asset adoption in Africa’s most industrialised economy, according to a new report by Discovery Bank and Visa.
- Nearly 7.8 million South Africans used cryptocurrency platforms in the first half of 2025, signalling strong growth.
- Rising awareness and mobile-first platforms are driving broader access across demographics.
- Crypto is increasingly viewed as a complement to traditional investments like stocks and property.
- Regulatory clarity and growing business-to-business activity continue to support market expansion.
The findings, published in the SpendTrend26 report, show that digital assets are increasingly moving into the financial mainstream as more consumers treat cryptocurrencies as part of long-term investment portfolios rather than speculative trades. The report estimates that crypto users now account for roughly 13% of South Africa’s population.
The study found that 70% of respondents were at least “roughly familiar” with cryptocurrencies, while 54% said they currently own or have previously owned crypto assets. Another 41% indicated they were likely to acquire cryptocurrency in the future.
Discovery Bank and Visa said the shift reflects broader changes in consumer investment behaviour as mobile-first platforms make digital assets more accessible to younger and middle-income consumers.
“Mobile-first crypto platforms have significantly lowered the barriers to entry for new investors,” the report stated, adding that app-based trading and simplified onboarding processes are helping cryptocurrency become “a first entry point into investing” for many younger South Africans.
The report also noted that investor behaviour is becoming more disciplined. VisaNet transaction data showed that purchases made using credit cards have shifted “away from large, irregular trades toward a more consistent ‘little and often’ investment pattern.” Transaction frequency rose strongly through 2025, reaching about 2.5 transactions per active card user.
Middle-income consumers were among the strongest drivers of growth. Transaction frequency increased by 26% among mass-market clients and by 13% among mass-affluent users in 2024, while affluent consumers also recorded steady growth.
“As usage rises, cryptocurrencies are increasingly being viewed as a core investment class alongside traditional assets such as stocks and property,” the report said.
South Africa’s regulatory environment has also contributed to the sector’s growth. The country classifies cryptocurrencies as financial instruments, treating gains and losses as part of standard tax assessments, thereby providing investors with greater regulatory clarity.
Regionally, South Africa remains one of the continent’s largest crypto markets, second only to Nigeria, according to blockchain analytics firm Chainalysis. Analysts say the growth of business-to-business crypto transactions and expanding retail participation are helping sustain adoption across Africa.
