Crypto Acceptance Among South African SMEs Set to Rise in 2025

There’s a quiet shift happening across South Africa’s small business landscape, and it’s not just about going digital. It’s about going decentralized.

As 2025 unfolds, more and more small and medium-sized enterprises (SMEs) across the country are turning toward cryptocurrency, not just as a passing trend, but as a serious part of doing business.

The ability to accept Bitcoin, stablecoins, and other digital currencies is no longer limited to tech startups or crypto enthusiasts. It’s becoming a real option, and in many cases, a real advantage, for everyday businesses.

More Merchants, More Momentum

Back in 2024, South Africa already held a strong position in Africa’s crypto merchant scene, with 584 businesses accepting cryptocurrency.

According to a 2025 survey conducted by NFTEvening using BTCMap.org data, that number jumped by 115 businesses in just one year. That growth rate put South Africa sixth globally for merchant crypto adoption, ahead of many larger economies.

That kind of climb doesn’t happen in isolation.

Why SMEs Are Jumping In

When businesses decide to accept crypto, they’re usually thinking about a few key things. In South Africa’s case, the top reasons are:

• Faster, borderless transactions (40.7%)
• Customer demand (29.8%)
• Asset accumulation (21.0%)

And it’s not just about checking a box for tech-savviness. It’s about survival, growth, and future-proofing. Around 88.2% of SMEs reported higher revenue after introducing crypto payment options.

A big part of that comes from tapping into new customer segments—tech-forward consumers, travelers who prefer decentralized wallets, or overseas buyers.

What’s more, about three-quarters of businesses choose to keep their crypto earnings as part of their long-term investment strategies. That’s a big shift in mindset. They’re using it to build value.

Additionally, some tech-forward SMEs are even experimenting with unconventional crypto use cases, like loyalty tokens or referral incentives (see a Yebo casino review for a deep dive into how businesses are tokenizing loyalty).

Luno’s Role

For many small businesses, diving into crypto is about practicality. That’s where companies like Luno have stepped in.

Luno, headquartered in South Africa, has quietly become a major force in bringing crypto into day-to-day transactions. And it’s not just a trading app anymore.

Bringing Stablecoins to the Checkout Counter

Luno’s payment platform, Luno Pay, allows businesses to accept stablecoins like USDT (Tether) and USDC (USD Coin), which are pegged to the U.S. dollar. Stablecoins are far less volatile than cryptocurrencies like Bitcoin, which makes them ideal for businesses that need predictable pricing.

Thanks to partnerships with payment platforms like Zapper, Luno Pay is now usable at over 31,000 merchants, including big-name retailers like Pick n Pay.

So, a customer walks into a store, pulls out their phone, and pays with stablecoin. The store receives the funds quickly, without having to worry about currency fluctuations or international wire fees. That’s where crypto starts to feel like everyday money.

Enabling Cross-Border Trade

South African SMEs that export goods or services are also seeing the appeal. With Luno’s custody and liquidity tools, it’s easier to accept payments from abroad. That means faster settlements and fewer bank fees. For smaller companies that rely on international customers or suppliers, that’s a big deal.

And as of 2024, Luno became one of the first crypto companies in South Africa to receive an FSP license (Financial Services Provider) from the FSCA. That formal recognition adds a layer of trust, especially for cautious business owners who want security and compliance built in.

Where the Market’s Headed

Luno’s general manager, Marius Reitz, has made it clear: he expects crypto to become as standard as online banking within a few years. And South Africa is on track to be one of the first African nations where that shift becomes reality.

The trend isn’t just local. Multinational companies are beginning to experiment with crypto payments, which will likely influence supply chains and downstream vendors—including SMEs.

In 2025, we’re likely to see:

• More crypto-savings and investment accounts integrated with business banking tools
• Greater use of stablecoins for trade settlements
• Crypto-based loyalty programs or rewards built into local apps
• Easier access to crypto credit lines and lending platforms tailored for SMEs

And behind it all is a key driver: regulatory clarity.

The Framework Behind the Shift

Crypto in South Africa isn’t the wild west. It’s becoming a regulated space—and that’s been essential for small business adoption.

FSCA Licensing and Oversight

In 2023, South Africa’s Financial Sector Conduct Authority (FSCA) formally classified crypto as a financial product under the FAIS Act, putting it under the same regulatory roof as insurance and investment advice. That meant exchanges had to register, report, and comply with anti-money laundering rules.

By the end of 2024, over 60 crypto firms had received their licenses. That’s good news for SMEs. It means they can transact with platforms that are playing by the rules, with protections in place.

Crypto Travel Rule in 2025

To align with global standards, South Africa implemented the Crypto Travel Rule in 2025. This requires crypto service providers to share transaction information when transfers exceed ZAR 25,000 (around USD 1,500). It’s designed to curb illicit use—without restricting legitimate business transactions.

Clear Tax Guidelines

The South African Revenue Service (SARS) classifies cryptocurrencies as “assets of intangible nature.” That means businesses pay capital gains and income tax on crypto just like any other asset. It adds paperwork, yes—but it also removes ambiguity.

Clear tax rules, a licensed exchange ecosystem, and real-world payment tools like Luno Pay give SMEs a stable environment to experiment, innovate, and grow.

South Africa in Context

While many African countries are still navigating their crypto policies, South Africa has pulled ahead. In 2024, the Chainalysis Crypto Adoption Index ranked the country 30th globally. That might sound modest, but when you zoom into Sub-Saharan Africa, South Africa is one of the heavy hitters.

The region processed $125 billion in on-chain value from mid-2023 to mid-2024. South Africa alone was responsible for $14.4 billion of that, making it the fourth-largest crypto economy on the continent.

For SMEs, this environment creates opportunities beyond borders. Crypto gives them the tools to:

• Accept international payments without traditional banks
• Tap into decentralized lending pools for funding
• Hedge against the rand’s inflation using stablecoins
• Experiment with microtransactions and blockchain loyalty programs

Challenges That Are Still on the Table

Not every SME is ready to flip the switch.

Some of the most common hurdles include:

• Internet access: In rural areas, limited connectivity makes digital transactions harder to implement consistently.
• Education: According to a 2023 BusinessTech survey, 68% of South Africans cited lack of knowledge as a barrier to using crypto. SMEs are no exception—many business owners simply don’t know where to start.
• Perceived volatility: Even though stablecoins are available, public perception still ties crypto to risky investment swings.

Still, there’s momentum behind solving these problems. Tech training programs, fintech partnerships, and mobile-first solutions are helping bridge the knowledge gap. And as more SMEs adopt crypto, peer examples will do a lot of the heavy lifting.

Why It’s Different This Time

South Africa’s crypto story isn’t just about technology—it’s rooted in economic need. For years, inflation, high banking fees, and limited access to financing have pushed businesses to seek alternatives.

In 2022, the Brookings Institution flagged the potential for crypto-based lending to help micro, small, and medium-sized enterprises (MSMEs) overcome funding gaps. That potential is becoming reality. And in a place where only 49% of adults had a bank account in 2021 (World Bank), crypto fills a real-world void.

We’re now seeing early adopters becoming community leaders. SME owners who started accepting Bitcoin two or three years ago are now teaching others how to set up wallets, manage stablecoin flows, or report crypto income on taxes.

Crypto isn’t being treated like magic—it’s being treated like a tool. And that’s when adoption tends to stick.

What Comes Next for South African SMEs

Looking into the rest of 2025, all signs point upward. The barriers are shrinking, the tech is stabilizing, and the demand from both customers and suppliers is growing stronger.

Here’s what to watch:

Trend	Why It Matters
Growth of Stablecoin Payments	Keeps pricing predictable, especially for B2B sales
Expansion of Luno Pay and similar tools	Reduces entry barriers for small businesses
Greater DeFi usage	Access to loans, staking, and yield products tailored to SMEs
International merchant partnerships	Easier access to overseas buyers and suppliers
Regulatory updates	Continual fine-tuning creates long-term stability

Wrapping Up

Crypto acceptance among South African SMEs isn’t just a niche story anymore. It’s becoming part of how modern businesses operate, save, and grow.

With over 584 merchants already in the game and more joining every month, South Africa is setting the pace for crypto adoption across the continent. Between Luno’s infrastructure, supportive regulation, and undeniable financial incentives—like increased revenue and new customer reach—it’s clear that small businesses have plenty to gain from going crypto.

2025 is shaping up to be the year crypto truly goes mainstream for SMEs in South Africa. And for many of those businesses, it won’t be about chasing hype. It’ll be about choosing the tools that help them serve their customers, protect their bottom line, and plan for the future.