Cash ditched as N72 million transferred every second
Tolu Abolade, a customer experience representative, cannot remember the last time she held more than N10,000 cash. “I only have it for transportation. I pay for every other thing with transfers,” she said. Abolade's comments reflect a shifting spending culture among many Nigerians and local businesses, which is increasingly leaning more towards transfers than cash. New data from the Central Bank of Nigeria (CBN) shows that electronic payments via internet and mobile platforms surged to N2.27 quadrillion in 2024, a 72.63 percent jump from N1.
Tolu Abolade, a customer experience representative, cannot remember the last time she held more than N10,000 cash. “I only have it for transportation. I pay for every other thing with transfers,” she said. Abolade's comments reflect a shifting spending culture among many Nigerians and local businesses, which is increasingly leaning more towards transfers than cash. New data from the Central Bank of Nigeria (CBN) shows that electronic payments via internet and mobile platforms surged to N2.27 quadrillion in 2024, a 72.63 percent jump from N1.
