Kasi Insight's Cryptocurrency Survey provides insights into cryptocurrency adoption across 20 African markets, with a specific focus on the types of cryptocurrencies embraced, their practicality, the reasons behind crypto non-adoption, and the openness of individuals to learn about cryptocurrencies.
In the context of Zambia, the survey revealed that 16% of the respondents identify themselves as having an above-average understanding of cryptocurrencies. Gender differences emerged, with 17% of males claiming above-average knowledge compared to 14% of females. Nonetheless, proficiency in advanced or expert knowledge remains relatively scarce, with only 3% of males considering themselves experts. The majority of respondents, constituting 46% of the total, fall within the “Average/Basic knowledge” category, while 31% admit to having “Minimal knowledge,” and 5% acknowledge having “None - no knowledge at all.”
Across the generational spectrum, both Gen Z and Millennials share equal proportions of respondents (15%) claiming “Above average knowledge.” “Average/Basic knowledge” prevails as the most common category among both age groups, highlighting the need for fundamental educational and awareness campaigns to foster a deeper comprehension of cryptocurrencies. Interestingly, “Minimal knowledge” is more prevalent among Gen Z at 36%, while Millennials account for 29%.
Central Bank Digital Currency (CBDC) familiarity takes center stage
When it comes to assessing familiarity with cryptocurrency-related terminology, several intriguing patterns came to light. 50% of the surveyed participants demonstrated awareness of Central Bank Digital Currency (CBDC), underscoring the growing recognition of central banks' pivotal roles in the digital transformation of traditional currencies. Non-Fungible Tokens (NFTs) also held a substantial presence in respondents' vocabulary, with 46% indicating familiarity. However, when the data is dissected by generational demographics, distinct differences emerge. Millennials exhibited a higher degree of familiarity with CBCD at 51% and DAO (Decentralized Autonomous Organization) at 42%, reflecting their deeper engagement with these financial concepts.
Conversely, Gen Z displayed a profound understanding of NFTs at 55% and Blockchain at 52%, highlighting their innate grasp of these revolutionary ideas and the generational shift occurring in the cryptocurrency landscape. The survey further unveiled that 44% of respondents were familiar with DAO, 43% with Blockchain, 43% with Web3, and 37% with DeFI (Decentralized Finance).
There is need for cryptocurrency brands to customize their marketing and educational strategies based on gender and generational differences
The data highlights that only a minority of survey respondents consider themselves cryptocurrency experts, indicating that most Zambians lack a deep understanding of cryptocurrency technology and its intricacies. This underscores the need for cryptocurrency brands to prioritize the development of fundamental educational resources to expand their user base.
The significant presence of respondents falling into the "Average/Basic knowledge" and "Minimal knowledge" categories presents a substantial opportunity for educational campaigns in Zambia. Cryptocurrency brands can play a pivotal role in providing resources to enhance cryptocurrency comprehension among the population. While both Gen Z and Millennials exhibit similar levels of above-average knowledge in cryptocurrencies, there is a pronounced gap in the "Minimal knowledge" category, with a higher percentage of Gen Z respondents in this group. This underscores the importance of tailoring educational campaigns to address specific knowledge gaps within different age groups.
The high awareness of Central Bank Digital Currency (CBDC) highlights an increasing recognition of central banks' roles in the digital transformation of traditional currencies. Cryptocurrency brands should closely monitor CBDC developments, as they could have implications for the local financial landscape.
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Share on socials using this caption:💡 Central Bank Digital Currency (CBDC) awareness is on the rise, with 50% recognition, and Non-Fungible Tokens (NFTs) making their mark at 46%. Millennials excel in CBDC & DAO, while Gen Z shines in NFTs & Blockchain. 🚀 #CryptoTrends #ZambiaCrypto #KasiInsightSurvey
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