Sign In
  • Africa
  • African
  • Trump
  • South
  • Guardian
  • Mail
logo
  • Home
  • Ghana
  • Africa
  • World
  • Politics
  • Business
  • Technology
  • Sports
  • Entertainment
  • Health
  • Crime
  • Lifestyle
Reading: Nigeria Leads Global Shift Away from Cash as Digital Payments Surge 59% in a Decade
Share
African News HeraldAfrican News Herald
Font ResizerAa
Search
  • Home
  • Ghana
  • Africa
  • World
  • Politics
  • Business
  • Technology
  • Sports
  • Entertainment
  • Health
  • Crime
  • Lifestyle
Follow US
© 2024 africanewsherald.com – All Rights Reserved.
African News Herald > Blog > Technology > Nigeria Leads Global Shift Away from Cash as Digital Payments Surge 59% in a Decade
Technology

Nigeria Leads Global Shift Away from Cash as Digital Payments Surge 59% in a Decade

ANH Team
Last updated: March 26, 2025 12:12 pm
ANH Team
Share
SHARE

Nigeria has emerged as a global leader in the transition away from cash usage, with digital payments and fintech innovations driving a significant decline in cash transactions. According to a recent report from Worldpay, cash transactions in Nigeria plummeted by 59% between 2014 and 2024, marking the most substantial drop among seven major economies where cash has traditionally been dominant.

The shift away from cash in Nigeria is expected to continue, with the report predicting that cash usage will reach 32% by 2030 as digital payment methods continue to rise. One of the pivotal moments in Nigeria’s move away from cash was the Central Bank of Nigeria’s (CBN) 2023 naira redesign policy. While this policy aimed to combat cash hoarding and illicit financial practices, it inadvertently caused a severe cash shortage, with currency circulation dropping by 29.2% to just ₦982.1 billion in February 2023.

In response to the cash shortage and the increasing demand for digital payment solutions, fintech companies like OPay and PalmPay emerged as key players in Nigeria’s financial landscape. These platforms offered efficient and seamless digital payment services, gaining widespread popularity and transforming how financial transactions are conducted in the country.

"Nigerians are increasingly embracing non-cash transactions," noted Uchenna Uzo, a marketing professor at Lagos Business School. Data from the Nigeria Inter-Bank Settlement System (NIBSS) further supports this trend, showing a significant surge in electronic transaction volumes from 793 million in 2018 to 11.3 billion in 2024—a remarkable 1,514.2% increase.

While cash is still used in Nigeria, its dominance has significantly declined. In 2019, cash transactions accounted for 91% of all payments, a figure that has now dropped to less than half. The rise of mobile technology has played a crucial role in Nigeria’s financial transformation, providing millions of people with access to digital banking and payment services. With the increasing popularity of mobile wallets, fintech platforms, and digital banking solutions, Nigeria is steadily establishing itself as a global leader in the transition to a cashless economy.

See also  W/R: Police nab 3 in GHS199K gold robbery, recover guns, cash

The original article can be found at Source

Stay ahead with TechInAfrica! Join our WhatsApp Channel for the latest updates on tech, startups, and venture capital across Africa. From Cairo to Cape Town, Lagos to Nairobi—we cover all 54 countries! Subscribe now: https://whatsapp.com/channel/0029Vb3xgMr42DcfICgi7T1N Be the first to know. Stay informed. Stay ahead!

Subscribe to Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
TAGGED:cashDecadeDigitalgloballeadsNigeriaPAYMENTSshiftsurge
Share This Article
Twitter Email Copy Link Print
Previous Article Hostages To Return "In Coffins" If Israel Tries To Free Them By Force: Hamas Hostages To Return “In Coffins” If Israel Tries To Free Them By Force: Hamas
Next Article Cele sends message to Kaizer Chiefs fans 
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Editor's Pick

Dear Bar Council of England and Wales, and the Commonwealth Lawyers Association

Response to Joint Statement on Suspension of Chief Justice of Ghana Dear Madam and Sir, We have taken note of…

August 21, 2025 3 Min Read
Police Thwart Pre-Dawn Bank Heist in Winneba

Police Thwart Armed Robbery Attempt at MRB Rural Bank in Winneba Law…

1 Min Read
Ghana Mother Charged for Burning Son With Iron Over Lost Pen

A Ho Circuit Court has remanded 25-year-old cook Jemima Kwaku after she…

2 Min Read

Lifestyle

Against All Odds: Monica Kafui’s Triumphant Journey to Becoming a Registered Nurse

  Against All Odds: Monica Kafui’s Triumphant Journey to Becoming a Registered Nurse

Accra, Ghana — In a story that echoes resilience, sacrifice,…

September 11, 2025

My stepmother wants to hand over my dad’s company to my stepsister

File photo of a worried woman…

September 8, 2025

Health benefits of pawpaw

Pawpaw boosts digestion, immunity and heart…

September 8, 2025

Don’t worry about ‘push gifts’ — Dr Boakye

A new article on the topic…

September 8, 2025

My wife wets our bed all the time and it’s getting out of hand

File photo of a worried man…

September 8, 2025

You Might Also Like

Africa

Music for Water at the GRAMMYs: Artists Turn Songs Into a Global Call for Clean Water

Music for Water: Uniting Artistry and Activism for Clean Water Access Music has always had the power to move people—but…

5 Min Read
Technology

Top 7 Corporate Partners for African Startups

Microsoft's focus on tech-driven sectors and its pan-African reach make it a valuable partner for startups looking to scale across…

9 Min Read
Technology

South Africa’s ABSA doubles down on AWS to fuel cloud-native banking push

ABSA Strengthens Partnership with AWS to Drive Innovation and Customer Experience ABSA, a leading financial institution in South Africa, has…

2 Min Read
Africa

Huawei SA And Henley Business School Africa Empower 40 Women To Lead In A Digital Economy

Huawei South Africa and Henley Business School Africa have successfully wrapped up the fourth edition of the Women in Tech…

4 Min Read
logo logo
Facebook Twitter Youtube

About US

Stay informed with the latest news from Africa and around the world. Covering global politics, sports, and technology, our site delivers in-depth analysis, breaking news, and exclusive insights to keep you connected with the stories that matter most.

Top Categories
  • Africa
  • Business
  • Entertainment
  • Sports
Usefull Links
  • Home
  • Contact
  • Privacy Policy
  • Terms & Conditions

© 2024 africanewsherald.com –  All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?