Cryptocurrency investment intention among youth entrepreneurs in Mogadishu, Somalia: an extended theory of planned behaviour approach

Abstract

Cryptocurrency investment has become a risky area of digital finance, especially for youth entrepreneurs in fragile economies where formal financial systems and investor-protection mechanisms remain limited. In Somalia, the growth of digital finance and mobile-money use has generated interest in cryptocurrency, yet little is known about the factors shaping young entrepreneurs’ investment intentions. This study examined cryptocurrency investment intention among 385 youth entrepreneurs in Mogadishu using an extended Theory of Planned Behaviour framework incorporating attitude, perceived behavioural control, subjective norm, and risk aversion. Data were analysed using partial least squares structural equation modelling (PLS-SEM). The model explained 56.7% of the variance in investment intention and demonstrated cross-validated predictive relevance. Perceived behavioural control was the strongest predictor, followed by attitude, risk aversion, and subjective norm, with all showing significant associations. The study shows that TPB mechanisms remain relevant in a fragile yet digitally active economy but become more informative when financial risk orientation is considered. By integrating risk aversion into TPB, it connects behavioural-intention and behavioural-finance perspectives and provides context-specific evidence. The findings support risk-balanced cryptocurrency literacy focused on capability, wallet security, fraud prevention, platform assessment, and responsible investment decision-making.

The authors' abstract, as published at the source. Cogent Business & Management, 2026 · DOI ↗