70% of Africans Invest in Crypto to Provide a Better Life for their Families: Report

Jafrin  |  Oct 4, 2021

A new online global survey conducted by the Luno crypto company has found that crypto African investors have invested in digital assets to secure a better life for their families over the long term.

70% of Africans Wants their Families’ Wellbeing via Crypto

In a survey conducted among 7,000 participants from Nigeria, Kenya, South Africa, the UK, Australia, Indonesia, and Malaysia it was revealed that 78% of cryptocurrency investors save regularly, versus approximately two-thirds of the general population (65%).

The survey found that three African countries particularly 69% of crypto investors in Kenya, Nigeria, and South Africa had invested in digital assets to secure their families’ wellbeing where 50% of them intended to pay for their children’s education.

Another 40% were willing to invest to save for a home deposit while 43% were looking to invest to establish a fund to pass onto their grandchildren/children.

Speaking on the findings, Marius Reitz, Luno’s General Manager for Africa, said:

 “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 focussed 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.”

Half of the Population In Africa Doesn't Understand Crypto

The survey further revealed that a large proportion of Africans would not consider investing in cryptocurrencies due to a lack of knowledge. Among them, 55% of Nigerians revealed they don’t understand anything about the asset class, while South Africa and Kenya stood at 56% and 64%, respectively.

The survey also found that crypto holders were much more likely to hold other types of financial assets versus the general population. For example, 4% of the Kenyan participants said they own both digital assets and gold, while 39% of Malaysians and 63% of Indonesians said the same.

Related News