Persons that have less in developing nations like Nigeria, South Africa take bigger financial risks and are prepared to accept cryptocurrency, according to Luno, a cryptocurrency company.
In the study titled, “Future of Money,” it was found out that the first adopters of cryptocurrencies emerged from developing markets.
The study which sought the opinions of respondents all over Africa, But and South-East Asia, revealed that several Nigerians are equipped with the knowledge of financial empowerment, with 25% of them disclosing that they needed cash to settle tuition fees.
The study conducted by Dalia Research for Luno between the period of May and June 2019, received their insights from seven thousand people with internet connection in France, Indonesia, Italy, Malaysia, Naija, SA, and the UK.
Luno CEO, Marcus Swanepoel, had this to say, “As some of the world’s largest tech giants announce they are launching cryptocurrency coins, we believe developing markets will be the lead adopters. Our research shows that in these markets, people are more financially savvy because they have to be, which means that they need and understand the benefits the new coins can offer.”

Nigeria South Africa prepared crypto currency LunoPin
iCoin Blog – Cryptocurrency, Blockchain, and Business

Asked if they felt one global currency would better the present financial system or worsen it, the report read that nearly 3 times as many respondents from Naija and SA disclosed that it would make things better compared to the UK.
Marcus continued, “The data also identified why money is such a focus in emerging markets. When asked why money is important to them, the respondents said that it was ’to secure my family’s well-being (60 percent) or to ‘pay for my education’ Nigeria 25 per cent, compared to eight per cent in the UK.”
“A further question regarding the setting of a monthly expenditure budget found that 80 per cent of people in Malaysia; 65 per cent in Nigeria; 73 per cent in South Africa and 74 per cent in Indonesia, do, compared to 54 per cent in the UK. And, 33 per cent in Indonesia compared to zero per cent in the UK, are more likely to stay within the budget they set.”
Marcus added that as soon as cryptocurrencies are unleashed by worldwide brands, it will surely entice the interests of those in developing markets, most especially, the ones at the grassroots.

ALSO READ:   Huawei Y7p now available in Nigeria market

JBKlutse's Recommendations

For Ghana ONLY

To add to this article or start a conversation, kindly comment below.  Also, you can send your tech stories to info@jbklutse.com and via WhatsApp at +233272839333.

Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x
Share to...