Nigeria is witnessing a dramatic shift toward digital payments, recording the world’s largest drop in cash usage over the past decade. According to global payment processing company Worldpay, cash transactions in the country fell by 59% from 2014 to 2024. The report highlighted how digital payments surged in 2023 after the country’s Central Bank enacted a controversial currency redesign policy. Although the policy triggered a cash shortage, it accelerated the adoption of digital platforms like OPay and PalmPay, leading to more digital payments. Since then, increased partnerships between banks and fintech companies have further accelerated the growth of digital payments, leading to a 1,514% surge in the volume of electronic transactions between 2018 and 2024.
Source: Techcabal