Trust has emerged as the single most influential factor shaping adoption of digital assets across five key African markets: South Africa, Mauritius, Botswana, Kenya and Ghana.
Absa’s Digital Assets Perception Study, a landmark independent study by Krutham, provides a holistic view of how individuals and businesses understand, value and engage with digital assets, from cryptocurrencies and stablecoins, to blockchain-enabled services and tokenised assets.
Across all markets surveyed, the results show a clear trend: Africans recognise the promise of digital assets for financial inclusion, faster cross-border transactions, investment opportunities and business innovation.
Adoption, however, remains constrained by regulatory uncertainty, lack of education, and persistent concerns about fraud and security.
These findings highlight a significant leadership opportunity for established regulated institutions.
There are strong levels of trust in banks across nearly all markets: 60% of South Africans, 57% of Mauritians, 52% of Batswana and 61% of Ghanaians trusting banks more than fintechs or exchanges.
“This research confirms what we are seeing across our markets. Clients are excited about the potential of digital assets, but they want a trusted, regulated institution to guide them,” says Rob Downes, head of digital assets at Absa Corporate and Investment Banking.
Thembi Baloyi, project lead and senior researcher at Krutham, adds: “The research reveals that while African consumers are optimistic about the future of digital assets, they are deeply distrustful of the current ecosystem. 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.”
Africa is a continent ready for innovation but seeks a trusted partner. The report shows encouraging momentum across several areas. In every country studied, respondents widely acknowledge the potential for digital assets to transform cross-border payments by increasing efficiency, lowering transaction costs and speeding up processing times.
More than 80% of respondents from South Africa, Botswana and Kenya believe digital assets can improve cross-border payment efficiency.
Blockchain is also recognised as a driver of business innovation across markets, with more than two-thirds of South Africans and more than 80% of Kenyans and Batswana noting its potential to drive growth.
Kenya, in particular, stands out as Africa’s most active digital asset market, where 71% of survey participants report having used digital assets, the highest figure among the countries studied.
Across all markets, users express optimism about digital assets as tools for investment, savings, international payments and financial empowerment.
Despite this enthusiasm, the study reveals several persistent barriers that continue to hinder wider adoption. Scams are repeatedly identified as the biggest deterrent, particularly in Kenya, South Africa, Botswana and Ghana.
Regulatory uncertainty remains a major concern, with substantial proportions of Mauritian, South African and Ghanaian respondents calling for clearer guidelines and legal frameworks.
Education gaps also pose significant challenges, with many respondents in Botswana, South Africa and Mauritius indicating that better knowledge and financial literacy would increase their confidence and willingness to adopt digital assets.
Collectively, the findings illustrate that Africans see digital assets as promising but risky, and they want guidance, reassurance and protections before adopting them more widely.
“Clients across Africa are eager to participate in the digital asset economy, but they want guidance they can trust,” says Baloyi. “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.”