How to Spread Cryptocurrency in African Countries: the Humaniq Experiment3.68

Traditional financial behaviour in Africa stems from very different institutional logics of financial management to those in mature markets. However, despite the growth of FinTech, there has been very little research into financial behaviour in this context. This is why Humaniq, aiming to identify the characteristics and logic of individuals with no financial inclusion in Africa, and to explore the opportunities of cryptocurrency circulation in this environment, launched a research project with International Methodological Association specialists. The purpose of this research was to explore the character of the context the new cryptocurrency was operating within and to create adequate mechanisms to incorporate it into unbanked people’s activities.

More than 1,800 people in Nigeria, Tanzania, Kingdom of Lesotho, the Republic of South Africa, the Republic of Cameroon, Botswana and Uganda took part in experimental games for this research. They were organised in open, crowded places: local markets, bus stations, and public squares with participants attracted from passers-by – men, women, even children. The game target was to collect as many “game” tokens as possible during a certain amount of time to win a prize. Players could choose any method for this purpose – to ask other people to donate them, to exchange, to team up to achieve the maximum effect, etc.

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