Many articles are written and declarations are made on a continuous basis about “the transition from cash to digital”, on a drive to a “cashless society”, as well as on how digital payments improve people’s lives, and how governments, businesses, and development organizations need to commit to this “unquestionable” transition

Today, over 85% of retail payments globally are still carried out using cash or check, with the percentage being much higher in Africa. However, the combination of a rapidly expanding middle class and steadily improving financial literacy, supported by robust technology, is increasing the appetite for card usage in Africa, providing opportunities for the advancement of a cashless society across the continent.

REPORTS of the Nigerian Interbank Settlement System, NIBBS, have indicated that Nigeria’s electronic payment (e-payment) services recorded N38.5 trillion transactions in the first half of 2018, H1’18, about 38.4 percent higher than the N27.8 trillion in the corresponding period of 2017, H1’17.

This feat underlines the increasing wave of technology adoption by individuals and businesses in Nigeria amidst intensified efforts of the monetary authorities on cashless economy.

Brought to you by Korapay