Volatility and risks are the most prominent concerns about crypto among Nigerians

Key takeaways

  • Volatility and risks are the biggest concerns for Nigerians engaging with cryptocurrency, making up 35.7%.
  • Lack of knowledge accounts for 17.5%, highlighting a gap in crypto education and awareness.
  • Difficulty in using apps is the least pressing concern at 6.4%, suggesting that accessibility is not a major barrier.
  • Addressing volatility fears, improving security measures, and expanding financial education could boost confidence in crypto adoption.

Crypto adoption in Nigeria faces some hurdles, with volatility and security risks ranking as the top concerns among users. Knowledge gaps and regulatory uncertainties contribute to hesitation, as users struggle to navigate compliance issues and understand crypto’s mechanics. However, the relatively low concern about app usability suggests that accessibility is not a major barrier. Strengthening consumer protections, fostering education, and clarifying regulations could enhance confidence and drive wider crypto adoption.

Source:

Busha's Cryptocurrency/Digital Assets Adoption Report 2024

Period:

2024
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Only 4.4% of surveyed Nigerian crypto holders have over $1,000 as their crypto balance
  • The majority of Nigerian crypto holders (70.6%) have balances below $100
  • Only 4.4% of Nigerians hold over $1,000 in their crypto wallets, indicating low high-value ownership
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  • The data highlights that most Nigerians engage with crypto at a low-value level, possibly due to financial limitations or speculative testing
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