Africa is approaching a pivotal moment in the evolution of digital assets – but trust, not technology, will determine the pace of adoption. This is the central finding of Absa’s first Digital Assets Perception Study, an independent cross-market survey conducted by research firm Krutham.
The study assessed consumer and business attitudes across South Africa, Mauritius, Botswana, Kenya, and Ghana, examining views on cryptocurrencies, stablecoins, tokenised assets, and blockchain-enabled services. Absa said the research provides one of the most comprehensive datasets yet on how African users understand and engage with digital assets.
According to the findings, trust in established financial institutions outweighs interest in unregulated platforms. In nearly all markets, respondents indicated a strong preference for banks as their primary digital-asset intermediaries, citing the need for secure custody, regulated on- and off-ramps, and access to verified platforms.
Krutham project lead and senior researcher Thembi Baloyi said the results highlight a confidence gap rather than a technological one.
“This isn’t a technology gap; it’s a trust gap. This presents a defining moment for established financial institutions, like Absa, to step in and become the trusted gateway to this new financial frontier,” she said.
Banks hold the trust advantage
The study shows that established institutions have an opportunity to lead. Trust levels are consistently higher for banks than for fintechs or exchanges: 60% of South Africans, 57% of Mauritians, 52% of Batswana, and 61% of Ghanaians said they trusted banks more to handle digital assets safely.
Across the continent, participants recognised the potential of digital assets to advance financial inclusion, speed up cross-border payments, support investment, and enable business innovation. But uncertainty around regulation, lack of education, and widespread fears of scams remain major barriers to adoption.
Cross-border payments and business growth seen as key use cases
Respondents in all five countries identified cross-border payments as a high-impact use case, with more than 80% of South Africans, Batswana, and Kenyans saying digital assets could make cross-border transfers faster and cheaper.
Blockchain is also viewed as a catalyst for business growth: more than two-thirds of South Africans and more than 80% of Kenyans and Batswana believe it has strong potential to enable innovation.
Kenya stands out as the continent’s most active digital-asset market, with 71% of respondents reporting they have used digital assets – the highest of any market surveyed.
Barriers: scams, regulation and education gaps
Despite growing optimism, the study points to three persistent obstacles:
- Scams: Identified as the top deterrent, particularly in Kenya, South Africa, Botswana, and Ghana.
- Regulatory uncertainty: A major concern in Mauritius, South Africa, and Ghana, where respondents called for clearer rules.
- Education gaps: Many participants – particularly in Botswana, South Africa, and Mauritius – said a better understanding of digital assets would increase their willingness to engage.
Baloyi said consumer caution should be seen as an opportunity for credible players to step in.
“The market’s caution is not a barrier to adoption; it’s an invitation. Customers are seeking the security and guidance that established financial institutions can provide,” she added.
A moment of opportunity
The study concludes that although Africans see digital assets as promising tools for empowerment, they remain wary of the risks. Clear regulation, trusted providers, and stronger financial literacy will be crucial for unlocking broader participation.
Absa says the findings mark an important baseline for understanding Africa’s fast-evolving digital finance landscape – and the role that regulated institutions are poised to play as demand grows.
