Nigeria records largest global drop in cash usage as digital payments surge
- Nigeria recorded a 59% decline in cash transactions from 2014 to 2024, the steepest among seven major economies.
- Electronic transactions in Nigeria surged by 16-fold (1,514.2%) between 2018 and 2024.
- The Central Bank of Nigeria's naira redesign policy led to a 29.2% drop in currency circulation by February 2023.
The rapid shift towards digital payments in Nigeria reflects a significant transformation in the financial landscape, driven by innovation and fintech partnerships. This trend not only enhances financial inclusion but also positions Nigeria as a leader in digital finance within Africa. However, the challenges posed by cash shortages highlight the need for a balanced approach to ensure all citizens can access financial services.
