By Kunle Adeshola

As Nigeria continues to lead the continent in digital asset adoption, a new study is shedding light on the psychological underpinnings of the market. Ibukun Koleoso, a seasoned financial consultant, has asserted that the future of cryptocurrency in emerging markets depends less on underlying blockchain technology and more on the “behavioral finance” of investors.

In a presentation at a financial technology conference, Ibukun highlighted findings from his recent study titled Behavioural Dimensions of Cybersecurity and Cybersecurity Investment Frequency in Nigeria. He argues that the frequency with which Nigerians trade digital assets is inextricably linked to their internal perceptions of safety and trust.

While much of the global conversation around cryptocurrency focuses on technical vulnerabilities such as hacking and exchange breaches, Ibukun’s research shifts the lens toward how these risks manifest in human behaviour.

Utilising a quantitative study of 384 active investors—ranging from students and entrepreneurs to public sector employees—the findings reveal that “perceived cybersecurity” and “trust in platform security” are the strongest predictors of how often an individual invests. According to the data, a high level of trust in a platform’s security (β = 0.298) significantly boosts investment frequency.

“The study bridges the gap between cybersecurity and behavioural finance,” Ibukun stated. “It isn’t just about having the best encryption; it is about whether the investor feels protected. We are seeing that investors are more willing to trade actively when they perceive strong protective measures and reliable security mechanisms. It is a psychological contract between the user and the platform.”

Conversely, the study highlights the “scarring effect” of cybercrime. Previous exposure to security incidents was found to have a significant negative impact (β = −0.153) on investment frequency, suggesting that once an investor’s trust is broken by fraud or a breach, their participation in the digital economy diminishes sharply.

Ibukun’s insights are backed by a career spent at the intersection of infrastructure and high-stakes finance. An alumnus of Lagos State University with a degree in Electronic and Computer Engineering, he recently commenced his MBA at INSEAD—consistently ranked by the Financial Times as one of the world’s top business schools and currently ranked as Europe’s best business school.

Before his transition to INSEAD, Koleoso amassed extensive experience at PricewaterhouseCoopers (PwC) in both Nigeria and the United Kingdom. During his tenure, he specialised in private equity and asset management consulting, managing risk and due diligence for portfolios valued in the billions of dollars.

His professional background also includes a leadership stint at Globacom Limited, where he was instrumental in designing core network plans for a nationwide rollout. This unique blend of technical engineering expertise and high-level financial auditing allows Ibukun to view the crypto market through a multifaceted lens.

For a country like Nigeria, where cryptocurrency serves as both a hedge against inflation and a tool for financial inclusion, Ibukun believes policymakers must look beyond traditional regulation.

“The research provides a roadmap for platforms and regulators to create safer, more engaging investment environments,” he noted. “Practically, the study suggests that for cryptocurrency to remain a sustained driver of economic engagement, platforms must foster transparency to build essential behavioural trust.”

As Nigeria’s crypto landscape matures, Ibukun’s work suggests that the winners in the space will not necessarily be the platforms with the most features, but those that can effectively manage the “behavioural dimensions” of their users, ensuring that the perception of security aligns with the reality of the technology.