Can trust unlock Africa's digital asset potential? New study reveals insights

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The results of the Absa's Digital Assets Perception Study independently conducted by market-research specialist Krutham, 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.

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With 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 — the study reinforces Absa’s positioning as a trusted, pan-African financial institution well placed to guide clients into the emerging digital economy.

“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,” said Rob Downes, Head: Digital Assets at Absa Corporate and Investment Banking.

"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," said Thembi Baloyi, project lead and senior researcher at Krutham.

Momentum across markets

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.

Risks slow uptake

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.

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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. This independent research confirms that Absa’s credibility, risk expertise and regulatory stewardship make us uniquely positioned to lead the continent into its next era of financial innovation,” said 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. For Absa, leading in the digital assets space is no longer a niche innovation project, but a strategic mandate to shape the future of African finance," Baloyi added.

Regulation remains critical

Across the continent, trust clearly emerges as a decisive factor. In most markets, participants express a preference for banks as their primary digital asset providers, signalling a need for secure custody solutions, regulated on- and off-ramps, and curated access to verified platforms.

This creates an opportunity for Absa to serve as a reliable gateway into the digital-asset ecosystem by developing offerings that prioritise security, regulatory compliance and customer protection.

In addition, the study highlights the growing urgency for clear regulatory frameworks. Absa is well positioned to contribute to policy discussions, help shape industry standards and advocate for innovation-friendly regulations that balance opportunity and consumer protection.

A further opportunity lies in education. Participants across all countries express a strong need for clear, accessible and trustworthy information about digital assets, from basic concepts to usage risks and best practices. Finally, the study underscores the potential for high-impact use cases such as cross-border payments, blockchain-enabled supply-chain management, tokenisation of real-world assets and digital solutions for retail and SMEs.

These insights align closely with Absa’s strengths across corporate banking, trade finance and institutional markets, reinforcing the bank’s ability to drive innovation at scale.

This inaugural Africa-wide digital assets study provides a foundational dataset for understanding how the continent’s digital-finance landscape is evolving. Designed as an independent research initiative, it provides robust Africa-specific insights into consumer thinking.