More

    Electronic transfers hit 3.5bn in 2022 as Nigeria ranked 6th globally 

    Published By:

    Analysts have underlined that Nigeria’s electronic transactions reached a peak of 3.5 billion in 2022, placing Nigeria sixth globally, as a result of several measures taken by the Central Bank of Nigeria  (CBN) to promote the cashless economy.

    According to Ken Ife, a renowned economist, London Enterprise Ambassador and Chief Economic Strategist, ECOWAS Commission who spoke with THISDAY said, “Banks have been doing extremely well. If you look at the GDP figures of the third quarter, the banks were returning 18.3 per cent growth rate. That is phenomenal. Remember that throughout 2020 and 2021, the banks were running at 15 per cent growth rate, which is five times more growth than the rest of the economy. And they were running pari passu with the ICT. Now what has happened is that all of the banking sector and the financial sector have benefited from Central Bank’s massive investment in payment infrastructure because they invested heavily in permanent infrastructure.

    “So when there was the COVID disruption, and there was a shutdown, people were comfortable trading and doing transactions at home because they had their mobile money, POS, and agency banking to the point that Nigeria in 2021 is number six in the world in electronic transactions. We are even ahead of America, which was 1.2 billion while Nigeria was 1.8 billion transactions a year; while those ahead of us are India, China and South Korea, but Nigeria was doing really well. And then in 2022, Nigeria’s transactions doubled and went to 3.5 billion transactions, which was equivalent to $200 billion turnover. So, Nigeria has gone nuclear in that respect with 100 per cent increase. I just laugh when people complain about the transaction, we are ready for electronic transactions and the evidence shows that we are.”

     

    ADVERTISEMENT
    Queen Ferry
    Queen Ferry
    Chinyere Treasure Ikechukwu known professionally as Queen Ferry, is a Nigerian business Executive, Journalist and Content Editor. She serves as the Vice-Chairman of Naijatraffic Limited and also the CEO of Wakadaily. If Treasure is not blogging, she will be making delicious delicacy.

    Most Popular Read

    Chisom Oguike Biography: Fullname, Age, Parents, Sisters, Career, Networth

    Chisom Hilary Oguike (born on January 21st,2008) is a young Nollywood actress. She became famous after featuring as Michelle in Soul Mate Studio Movie,...

    Obi Cubana gifts Tunde Ednut 6 Big cows for birthday 

    Popular Nigerian Instagram blogger Tunde Ednut has received six big cows from his colleagues and associates to celebrate his 37th birthday today, January 20,...

    Meet first BBTitans housemates, Yemi, Khosi, Juicy Jay 

    The Big Brother Titans (BBTitans) reality TV show which is featuring housemates from two countries; South Africa and Nigeria begins today January 16, 2023. The...

    Uche Ogbodo and younger lover, ties the knot traditionally 

    The well-known Nollywood actress Uche Ogbodo has finally wedded her younger lover, Bobby Marris in a private traditional ceremony. Uche Ogbodo and Bobby Maris tied...

    I almost married an older woman who had been married 9 times – Success John 

    Nollywood actor and producer, Success John has narrated how he almost married an older women, who has been married 9 times. The beautician turned-actor disclosed...

    Khalyla kuhn Biography: Age, Education, Husband, Career

    Khalyla Kuhn (born 31st October 1984) is an American TV personality, YouTuber, and media influencer. She became prominent for hosting the TV series Tiger Belly....

    Peace Olayemi Biography: Age, Education, Career

    Peace Olayemi known by her Twitter handle as Peacehochub is an endowed Nigerian entertainer, influencer, model, and p*rn star. She is a figure who claimed...

    Woman stabs husband to death and cuts off penis

    A 41-year-old women identified as Florencia Amado Cattaneo, has allegedly stabbed her husband to death and cut off his penis. According to Mail Online, the...

    Keyamo files suit seeking Atiku’s arrest, prosecution

    The Minister of State for Labour and Employment, Mr Festus Keyamo, SAN, on Friday, approached the Federal High Court in Abuja for an order...

    Portable reacts as TG Omori charges him $50,000 for music video

    Singer Portable has criticized video director TG Omori for the excessive fees he charged him for his music video. The 'Zazoo' crooner took to his...