Payments News » Nigeria

In Nigeria you need cash for everything, the problem is actually getting hold of it

February 26 2018

in
Nigeria

“Anytime Oghenefega Otitifore, an engineer living in Okearo, needs to withdraw cash, she does not bother going to the ATM. In all of Okearo, a suburb just a few kilometers outside Lagos, there are only two ATMs—one is plagued with long queues and the ever present “unable to dispense cash” message on the screens while […]

Global

Ecobank unveils Africa’s first unified digital payment solution

May 7 2018

in
Nigeria

“ECOBANK has unveiled a multi-featured digital payment solution, Ecobank Pay, designed to deliver unified and instant self-service across a range of interconnected payment solutions.”

Global

Nigerians Bury Cash In Backyards As Mobile Money Stumbles

July 19 2018

“Less than 6 percent of Nigerians use their handsets to transact using mobile money, compared with 73 percent of Kenyans, where more than two-thirds of adults have a bank account, according to the World Bank. That’s even though there are more than two phones for every bank account in the West African nation.”

Global

Paystack, with ambitions to become the Stripe of Africa, raises $8M from Visa, Tencent… and Stripe itself

August 28 2018

“The company is active today in Nigeria, where its payment API integrates with tens of thousands of businesses, and in two years it has grown to process 15 percent of all online payments; and the plan is to both continue to grow in its home market, as well as expand to more countries, starting with […]

Global

Unimpressive Growth in Mobile Payments

November 14 2018

in
Nigeria

“The CBN data show that 120 million PoS transactions were recorded in H1 2018, representing an increase of 103% y/y. The volume of point-of-sale (PoS) transactions indicates the impact of the CBN’s cashless policy on the economy. Meanwhile, mobile payments amounted to 28 million transactions valued at N495bn (US$1.6bn) in H1 2018. The volume of transactions […]