Nigeria’s long road to cash-less economy
Without this policy, Nigeria cannot be integrated into the world’s financial system.
This scheme allows cashback rewards to cardholders for using their cards to make payments on alternate channels. About one-third of Nigeria’s population is now under 24 years old and the middle-class population is growing. Many people – mainly outside the big cities – want to touch their cash as clear evidence that their services or goods have been paid for.
However, the NIBSS data showed that Nigerian banks did N1.5 trillion worth of transactions on 56,102 ATMs between January and March this year. The transactions were done in 203 million deals.This explains that although Nigeria is racing on the e-payment track, the statistics are still low when compared with what is obtainable across the world.
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