Seychelles Leads Africa in Blockchain Funding, Despite Falling Volumes and Low Adoption

Seychelles has emerged once again as the top recipient of blockchain funding in Africa, attracting 33% of the continent’s total investments in 2024, according to the latest African Blockchain Report published by CV VC.

The island nation secured $38.35 million, followed by South Africa with $24.25 million (18%), Nigeria with $18.85 million (15%), and Kenya with $5 million (4%).

While Seychelles continues to dominate funding charts—a trend sustained since CV VC began tracking the data four years ago—it does so despite not ranking among Africa’s leading countries for crypto adoption or transaction volume. This disconnect between capital attraction and ecosystem activity has puzzled some analysts.

Funding Concentration and Decline

Seychelles’ funding dominance has, however, narrowed significantly over the years. In 2022, the country attracted $209 million, representing 43% of the continent’s total. This dropped to $89 million (46%) in 2023, and further to $38.35 million in 2024, reflecting a broader contraction in blockchain venture activity across Africa.

Nigeria: High Adoption, Low Funding

In contrast, Nigeria—widely recognised for its robust crypto adoption and nearly $60 billion in crypto transaction volume between 2022 and 2023— attracted only $15.9 million and $1.5 million in funding during those years, respectively. However, Nigeria now leads Africa in deal count, with 10 blockchain investment deals in 2024, accounting for 33% of the total, ahead of Seychelles’ eight deals (31%).

Notable deals in the sector include:

• Yellow Card’s $33 million Series C round
• Zone’s $8.5 million pre-seed raise
• Juicyway’s $3 million fundraising

A Fragmented Landscape

Overall, Africa accounted for just 1% of global blockchain funding in 2024, a reflection of its relatively nascent and fragmented ecosystem. The continent’s blockchain space remains heavily concentrated in centralised financial servicessuch as crypto exchanges and cross-border payment platforms, which received 40% of total funding this year.

Conversely, blockchain infrastructure projects received no recorded funding in 2024, though this figure remains debatable. Some experts argue that platforms like Zone, widely considered a blockchain network, challenge that classification.

Future Outlook

Despite these hurdles, industry leaders remain upbeat. Jarryd Kennedy, Head of Investments at CV VC Africa, highlighted the continent’s potential:

“Blockchain technology is uniquely suited to solving niche African problems, and African founders are showing the world how blockchain addresses real-world challenges.”

With greater focus on real-world use cases and increased investor education, Africa’s blockchain industry may be poised to move from fragmented experimentation to scalable impact.