Banks, fintechs face hurdles in cashless economy race

Banks and fintech companies in Nigeria have several major hurdles to cross in the race to increase cashless transactions.

Barring any last-minute review, Nigerians would only be able to withdraw N20,000 of the lower denominations from any Automated Teller Machine (ATM) across the country from January 9, 2023, a move experts have described as the most radical step the Central Bank of Nigeria (CBN) has taken since it began the journey to the cashless economy as far back as 2009.

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