Web3 Africa | Blockchain, Crypto & Web3 News Across Africa

EFCC Secures Landmark Conviction Against Foreign Crypto Crime Syndicate Members

KenMichaelsJuly 15, 2025July 30, 202609 mins

Nigeria is declaring war on crypto fraud. The EFCC just sentenced two Chinese nationals to prison following a massive crackdown that netted 800 arrests and dismantled a 792-member international crime syndicate. As Africa’s largest Web3 ecosystem grapples with a 45% surge in financial fraud, the message is clear: bad actors face swift justice as Nigeria strengthens its digital asset regulation under mounting pressure from the IMF and FATF.

Senegal Shuts Down the $6B Akon City Project

KenMichaelsJuly 15, 2025July 15, 202508 mins

The Senegalese government have finally closed the curtain on its ambitious $6 billion Akon City after years of grand promises and minimal tangible progress. In Brief Senegal officially terminated the Akon City project after years of zero construction progress and multiple contract violations. Akoin’s failure to deliver real-world utility mirrored the smart city’s collapse, casting…

How cNGN Cracked the Regulatory Code: A Blueprint for African Stablecoins

KenMichaelsJuly 14, 2025July 30, 2026012 mins

Nigeria’s cNGN stablecoin cracked regulatory approval through year-long SEC collaboration, choosing “collaboration over confrontation.” Built on Bantu Chain and interoperable across Ethereum, Polygon, and Base, cNGN exploded from 4,400 to 300M tokens, powering DeFi, escrow, and lending apps on Quidax, Busha, and Xend Finance. As Africa Stablecoin Consortium’s blueprint, cNGN mentors future regulated stablecoins across the continent.

Solana-Powered Kenya Digital Token Gains Cabinet Support

KenMichaelsJuly 14, 2025July 29, 202609 mins

In Brief The Kenya Digital Token ($KDT), endorsed by MICDE, uses Solana’s AI framework to onboard 55 million Kenyans into the digital economy. Public‑private collaboration ensures KDT balances innovation with robust oversight under Kenya’s evolving Virtual Asset Policy. KDT’s focus on AR education, pre‑installed wallets, and community incentives can transform financial inclusion in underserved regions. With…

Nigeria’s Crypto Boom: IMF Warns of FX Risks & Urges Tighter Regulation

KenMichaelsJuly 11, 2025July 30, 202609 mins

Nigeria’s $59B crypto economy collides with IMF reality check: fragmented oversight fuels capital flight, FX instability, and record fraud (1,056% above global baseline). Top 3 in adoption, #1 in scams, 43% of volume flows through stablecoins outside formal channels. Despite SEC initiatives like cNGN and VASP rules, piecemeal reforms falter. IMF’s prescription: unified, enforceable frameworks aligned with global AML/CFT standards or face macroeconomic disaster.

Bank of Ghana Issues Mandatory Registration of All Virtual Asset Service Providers Operating in the Country

KenMichaelsJuly 11, 2025January 29, 202607 mins

Ghana’s VASP registration deadline separates compliant crypto firms from the rest, but registration grants zero operating rights. It’s purely assessment, identifying exchanges, wallets, stablecoin platforms before BoG rolls out full licensing. Miss it? Face sanctions and permanent disqualification. Amid surging West African adoption and scam revivals, BoG maps the ecosystem to design FATF-aligned AML rules. Registration doesn’t mean approval; it means survival. Ghana challenges Nigeria.

Nigeria’s SEC and Quidax Host Powerful Blockchain Training Series

KenMichaelsJuly 9, 2025July 29, 2026010 mins

Renowned asset exchange Quidax recently collaborated with Nigeria’s Securities and Exchange Commission to host a blockchain training series at Lagos’s prestigious Capital Club. The two-day event brought together key players within commercial banks, asset management firms and other financial sectors, underscoring how vital digital assets are, now more than ever. In Brief The blockchain training…

Inside the Expanding African Bitcoin Ecosystem

KenMichaelsJuly 9, 2025July 30, 2026010 mins

The African Bitcoin ecosystem has expanded beyond anyone’s imagination, stretching from retail solutions tailored to cater for natives to education programs providing financial education and programming skills to our growing youth. In Brief The African Bitcoin ecosystem is thriving across payments, mining, education, and community-building, pushing Bitcoin beyond speculation into real-world African use cases. Youth-led…

Locked Out: FTX Freezes Repayments for Victims in 16 African Nations

KenMichaelsJuly 8, 2025July 30, 202609 mins

FTX repayment freeze affects 16 African countries as Recovery Trust halts $825M distributions across 49 jurisdictions fearing “fines, criminal prosecution or imprisonment” from local regulators.
July 2, 2025 Delaware court filing blocks creditors in Algeria, Burundi, Libya, Malawi, Egypt, Zimbabwe, Cameroon. Africa’s 5% frozen claims face indefinite delays, 45-day objection process requiring U.S. court jurisdiction. Payoneer, BitGo, Kraken channels serve 93 countries; African markets excluded. Permanent forfeiture risk where crypto bans persist. Regulatory patchwork isolates victims from $16.5B recovery plan.

How Visa Is Backing Francophone Fintech Growth

KenMichaelsJuly 8, 2025January 29, 202609 mins

Visa positions Francophone Africa fintech growth as emerging alternative to Anglophone giants, deploying $1 billion across 17 nations targeting Dakar, Cotonou, Abidjan. Loïc Aplogan: “We’re not just writing checks; We’re co-developing, iterating, and scaling what works.” Co-creation model partners with local fintechs (JUMU in Côte d’Ivoire) to develop mobile-first payment solutions as 60% of West Africa’s population under 25 drives digital-first expectations. “Follow the User” strategy meets consumers where mobility and digital payments provide financial access.

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