Tribune Online Nigeria’s cash payments to decline 32% by 2030 on digital transaction —Report Nigeria is undergoing a significant shift toward digital payment methods, with cash payments projected to decline by 32 percent by 2030, according to Worldpay’s Global Payment Report 2024 (GPR). This is because access to financial services in remote areas via smartphones has transformed millions of people’s access to the global economy. According to the report, […] Nigeria’s cash payments to decline 32% by 2030 on digital transaction —Report Tribune Online
A Worldpay report projects a 32% decline in Nigerian cash payments by 2030 due to increased digital transactions. While Nigeria leads Middle Eastern and African countries in cash dominance at point-of-sale, electronic payments are surging. Active bank accounts reached 311 million in 2024, with account-to-account transfers becoming the leading e-commerce payment method. Electronic payment transactions hit a record N1.07 quadrillion in 2024, driven by cash scarcity and the CBN's cashless policy. Digital payments are expected to dominate e-commerce by 2030.
