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50% of Africans Invest in Crypto to Pay for Their Children’s Education

An Africans Invest survey found that most cryptocurrency investors in South Africa, Nigeria and Kenya have long-term goals, such as protecting their families’ well-being.

Africans Invest in Education

Luno, a London-based company, conducted a survey of nearly 7,000 people from Nigeria, South Africa and the UK to find out what motivated them to get involved in digital assets.

The results show that most people in the three African countries are financially smart and will invest in long-term goals. 69% of these residents use crypto to improve their lives and provide better for their families. Africans invest in crypto for long-term education goals.

Take a closer look at the fact that 48% would use their salary to fund their children’s education by allocating it in digital assets. 43%, on the other hand, would do the exact same thing to create a legacy fund for their loved ones. Only 3% of respondents admitted that they don’t have a plan for making investment decisions.

Marius Reitz, Luno’s General Manager Africa, described Africa’s current situation as a “crypto revolution”, adding that the continent has a lot of potential.

“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.”

A large number of locals are not familiar with cryptocurrency, and would not consider investing in it. Nigerians accounted for 55% of those who didn’t know anything about the asset class. This compares to South Africa, where 56% and 64% respectively.

Other Countries

Most participants came from Australia, Indonesia, Australia and Malaysia, with slightly different reasons for joining the digital asset space to those of African origin.

41% of Australians said they invest in crypto to save money on a property. The top response for participants from the UK and Indonesia was to add to their pension pot.

Nearly one-third of crypto investors own up to 10% of their portfolios in digital assets, according to the results. 12% have 11-20%, while 10% have 21-30% of their wealth in altcoins or bitcoin.

The survey also revealed that crypto owners are more likely than the general population to own other types of financial assets. For instance, only 4% of participants in Kenya said they owned both digital assets as well as gold. This metric rose to 39% and 63% respectively in Malaysia and Indonesia.