According to a recent survey, the majority of crypto owners from Nigeria, Kenya, and South Africa deal with cryptocurrencies so they can provide a better future for their children through education.
Luno, a London-based company surveyed nearly 7,000 participants from Nigeria, Kenya, South Africa, the UK, Australia, Indonesia, and Malaysia to find out the reasons that drove them into getting involved with digital assets.
According to the results, most residents of the three African countries are financially savvy and invest in sensible and long-term goals as 69% of them deal with crypto to provide a better life for their families.
Further on, 48% would allocate their salaries in digital assets to pay for their children’s future educational costs. In comparison, 43% would do the same to establish a fund to pass on to their relatives. Only 3% admitted they have no plan when making investment decisions.
Luno’s General Manager for Africa, Marius Reitz, described the situation in Africa as a “crypto revolution,” adding that there is vast potential in the continent:
“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.”
The study also revealed that a large proportion of the locals lack basic knowledge about cryptocurrencies, which is why they would not consider investing in them. 55% of Nigerians revealed they don’t understand anything about the asset class, while the percentage in South Africa and Kenya stood at 56% and 64%, respectively.
