Survey: Nigerians have more knowledge of cryptocurrencies than Kenyans, South Africans

Survey: Nigerians have more knowledge of cryptocurrencies than Kenyans, South Africans

A new survey has revealed a groundbreaking insight into how African consumers manage the investment risks attached to the continent’s growing wave of crypto adoption.

The online global survey conducted by leading crypto company Luno found that cryptocurrency investors in Nigeria, Kenya, and South Africa are financially savvy and invest for sensible and long-term goals.

According to the survey, only 3% of cryptocurrency investors in the African countries surveyed (Nigeria, Kenya and South Africa) do not have a plan when making investment decisions. The survey, which included nearly 7,000 respondents from Nigeria, Kenya, South Africa, UK, Australia, Indonesia and Malaysia, also found that the overwhelming majority (78%) of cryptocurrency investors save regularly, versus approximately two-thirds of the general population (65%).

Another insight from the survey revealed that 69% of crypto investors in Kenya, Nigeria, and South Africa said the most important purpose of having money is to secure their families’ wellbeing. The survey revealed that (48%) are willing to invest their salary in cryptocurrency to pay for their children’s education, (39%) are willing to invest to save for a home deposit and (43%) are willing to invest to establish a fund to pass onto their grandchildren/children.

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Speaking on the findings, Marius Reitz, Luno’s General Manager for Africa, says, “In recent weeks, there’s been a lot of attention on the scale of Africa’s crypto revolution and whilst its potential is hugely exciting, it’s vital we ensure consumers are engaging with this transition in a safe and responsible manner. This research offers a major boost of confidence that this is happening – we’ve always focused on ensuring we promote safe practices as an exchange through our focus on self-regulation, and it’s encouraging to see customers replicating this through a considered and well-informed approach to investing.”

The findings emerged when respondents were asked which statement best describes their investment approach, with 35% saying they limit speculative investments to a small percentage of their funds, 32% stating they react to market changes and invest where they feel comfortable, and 29% describing their approach as having a plan and sticking to it.