Despite the Central Bank of Nigeria’s naira redesign strategy, which aims to increase cashless transactions, the value of electronic utility payments decreased by 44.86 percent. This represented an e-bill payment low of two years.
E-bills pay increased to N161.87bn in February 2021 and N218.80bn in February 2022, remaining continuously over N100bn since reaching N78.38bn in February 2020.
E-bills are daily bill transactions that are simple to access, according to NIBSS.” Victor Olojo, National President of the Association of Mobile Money and Bank Agents in Nigeria, claims that the strategy, however, caused the economy to suffer and forced many owners of Point of Sale terminals to stop their operations.”
Olojo continued by saying that because the program had reduced many Nigerians’ purchasing power, they were unable to afford to pay some of their bills.