Key questions this article answers:
-
One of the goals of CBN’s naira redesign policy was to encourage Nigerians to switch to alternative payment methods. With ₦2.1 trillion withdrawn from circulation (as of Feb 2023), are there signs that Nigerians are embracing digital payments?
-
Kenya has been a mobile money success story. On the other hand, South Africans prefer card networks like VISA and Mastercard. What digital payment methods have claimed Nigerians' wallets?
Africa has a cash problem. It relies way too much on it.
Of the 1.2 trillion non-cash transactions made globally in 2022, just 2% came from the Middle East & Africa (which means that Africa’s contribution was less than 2%). Contrast that with other developing regions such as Asia-Pacific (48%) and Latin America (6%).
For context, digital payments include any payments made using digital means (i.e. debit cards, credit cards, BNPL, mobile wallets, USSD codes, QR codes etc.).
