Nigeria is witnessing a dramatic shift towards digital funds, recording the world’s largest drop in money utilization over the previous decade. In response to world cost processing firm Worldpay, money transactions within the nation fell by 59% from 2014 to 2024. The report highlighted how digital funds surged in 2023 after the nation’s Central Financial institution enacted a controversial forex redesign coverage. Though the coverage triggered a money scarcity, it accelerated the adoption of digital platforms like OPay and PalmPay, resulting in extra digital funds. Since then, elevated partnerships between banks and fintech corporations have additional accelerated the expansion of digital funds, resulting in a 1,514% surge within the quantity of digital transactions between 2018 and 2024.
Supply: Techcabal
