Morocco captured only a sliver of Africa’s blockchain and cryptocurrency investment in 2024, accounting for just 1% of the continent’s total venture funding in the sector, according to a new report by CV VC on African blockchain trends.
The report reveals that Morocco attracted approximately $1.5 million in blockchain-related venture capital last year, its first recorded deal, while total funding across Africa reached $122.5 million.
That marks a steep decline of 36% from the $190 million raised continent-wide in 2023, and represents only 2.3% of global blockchain investment.
Despite being among the top five African countries to receive funding, Morocco lagged far behind regional leaders such as Seychelles, Nigeria, and Kenya.
Seychelles topped the list, bringing in $38.9 million across eight deals, thanks in large part to a crypto-friendly regulatory environment that has positioned it as a haven for international blockchain firms.
Morocco’s comparatively modest performance is attributed largely to regulatory uncertainty. Since banning cryptocurrencies in 2017, the country has struggled to create a clear legal framework for digital assets. While some movement toward regulation is now underway, the lack of clarity has left investors hesitant.
Another hurdle is the country’s slow-moving digital transformation. Morocco recently launched its “Digital Morocco 2030” strategy, which allocates $1.1 billion by 2026 to support digital infrastructure, blockchain development, and workforce training. The ambitious plan aims to create hundreds of thousands of jobs and expand digital exports, but practical implementation remains in early stages.
Elsewhere on the continent, countries like Nigeria are surging ahead, leveraging blockchain in finance and agriculture and drawing a substantial share of Africa’s funding. Nigeria alone accounted for roughly one-third of all blockchain deals in 2024.
The CV VC report underscores a widening gap between Morocco and its African peers in the blockchain race. As other nations capitalize on emerging technologies to drive innovation and attract capital, Morocco’s future in the space may hinge on how quickly it can turn policy ambitions into on-the-ground results.
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