Nigeria is Ready for Cashless Policy Due to Mobile Transaction Increase.

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Economists interpret the recent surge in mobile transaction volumes as a sign that Nigeria is poised for a cashless economy. This comes after Nigeria’s Interbank Payment System (NIBSS) recorded a 125% increase in mobile transaction volume in the country in January 2023 compared to the same period last year.

He explained that the Central Bank of Nigeria’s (CBN) cashless policy has many advantages as it guarantees faster economic growth. Adeoti added that it is also important to allow enough time for stakeholders to ensure they allocate appropriate resources in terms of infrastructure and manpower support.

Adeoti welcomed the operator-led approach to mobile money launched in Nigeria, which he said would have a significant impact not only on digital payment services as a whole, but also on the mobile money aspect. 


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