Nigeria Leads Global Shift Towards Digital Payments
Nigeria has experienced a remarkable transition towards digital payments, marking the most significant decrease in cash usage worldwide over the past decade. Recent data from the global payment processor Worldpay reveals a staggering 59% decline in cash transactions in the country from 2014 to 2024. This monumental shift can be attributed to the surge in digital payments following the implementation of a currency redesign policy by the Central Bank of Nigeria in 2023.
The controversial policy, while initially causing a cash shortage, ultimately catalyzed the adoption of digital payment platforms such as OPay and PalmPay. This shift towards digital transactions has been further accelerated by the increasing collaborations between traditional banks and innovative fintech companies. As a result, Nigeria has witnessed a remarkable 1,514% increase in the volume of electronic transactions between 2018 and 2024.
This monumental growth in digital payments signifies a significant milestone in Nigeria’s financial landscape, paving the way for a more efficient and secure means of conducting transactions. With the continued advancement of technology and the widespread adoption of digital payment solutions, Nigeria is poised to become a leading player in the global digital economy.
Sources: Techcabal
