Analysis of Motivation Factors in the Adoption of Cryptocurrency Among Micro, Small and Medium Enterprises (MSMEs) in Lusaka

Abstract

Like many other developing nations, micro, small and medium enterprises (MSMEs) in Lusaka Zambia have not been spared by the fast pace of technology transfer. Adoption of cryptocurrency has been a huge challenge. The digital currency market is in its infancy, which contributes to its high degree of volatility and risk and poor understanding of its use by several sector players. By the end of the year 2020, a new bull run had begun, and the prices of a number of cryptocurrencies had reached all-time highs. In addition to the progressive acceptance and adoption of cryptocurrencies by individuals all over the world, some of the elements that are contributing to the rise of cryptocurrencies include global increase in the rate of inflation. This Survey analysed data from MSMEs domiciled in Lusaka to understand what would motivate them to adopt cryptocurrency. The major drivers were technological awareness, education, facilitating business environment, behavioural intent, social media, performance and effort expectancy.