Cashless transactions in Nigeria rose by 42.05 per cent to hit N395.47tn in 2022, according to new data from the Nigeria Inter-Bank Settlement System.
Frustration mounts as bank customers allege excessive charges, battle fraudsters in cashless transactions
The new ‘Naira Redesign Policy – Revised Cash Withdrawal Limits,’ by the apex bank is set to curtail cash transactions. With a weekly withdrawal cap of N500,000 for individuals and N5m for corporates, cash transactions are set to slow down in the country. According to a recent survey by Mastercard, 91 per cent of respondents in Nigeria use digital platforms to make financial transactions.
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