The Role of Trust and Security in Cryptocurrency Acceptance for Business Transactions in Nigeria

Abdullahi Muhammad Haruna; Babandi Usman; Haruna Ibrahim; Suleiman Musa Ibrahim; Abdurrahman Shuaibu Aliyu

doi:10.56201/ijcsmt.vol.12.no10.2026.pg74.86

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The Role of Trust and Security in Cryptocurrency Acceptance for Business Transactions in Nigeria

Abdullahi Muhammad Haruna, Babandi Usman, Haruna Ibrahim, Suleiman Musa Ibrahim, Abdurrahman Shuaibu Aliyu

Abstract

The increasing use of digital financial technologies has created new opportunities for cryptocurrency to serve as a means of payment in business transactions. However, concerns about trust, security, fraud, price volatility, and regulatory uncertainty may influence its acceptance among businesses in Nigeria. This study examines the role of trust and security in cryptocurrency acceptance for business transactions in Nigeria, with particular reference to Dutse metropolis, Jigawa State. The study seeks to understand the extent to which businesses are willing to accept cryptocurrency and the relevance of trust and security to its adoption for commercial purposes. A quantitative research approach was adopted, using questionnaire-based data as the primary instrument for gathering information. The reported data covered five years, from 2022 to 2026, with 6,887 questionnaires distributed and 5,988 responses received, representing an overall response rate of 86.94%. Of the valid responses, 739 respondents (12.34%) indicated willingness IJCSMT to accept cryptocurrency for business transactions, while 5,249 (87.66%) were unwilling. The findings further revealed an increase in willingness to accept cryptocurrency from 2.58% in 2022 to 30.45% in 2026, although unwillingness remained predominant. These results indicate a growing interest in cryptocurrency acceptance alongside substantial resistance among respondents. The study highlights the importance of examining trust, perceived security, fraud prevention, awareness, and regulatory clarity when considering cryptocurrency adoption for business transactions. However, because the reported figures primarily measure willingness to accept cryptocurrency, further analysis of direct trust and security indicators is necessary to establish their specific influence on acceptance. The study recommends improved security practices, transparent cryptocurrency services, public education, and clearer regulatory guidance to support informed business decisions regarding cryptocurrency use in Nigeria.

Keywords

Cryptocurrencytrustsecuritybusiness transactionsacceptanceNigeria.

References

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The Role of Trust and Security in Cryptocurrency Acceptance for Business Transactions in Nigeria

Abstract

Keywords

References

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