OLUWATOBI ODEYINKA writes on the remarkable achievements of Nigeria’s instant payment system, as well as the pressing challenges that Nigerians face when making digital payments.
Mrs Olufemi, who sells Cement in Lagos recalls how she used to take huge cash to the bank about 10-15 years ago. “Now I transfer millions through my bank app and smaller amounts through USSD, and my suppliers confirm payment almost instantly.
About a decade ago financial transactions used to be slow, stressful, and volatile. If you wanted to pay for a good or service or send money to a loved one, you would have to pay with cash or take the money to the bank to deposit into the other party’s account. Businesses in this period witnessed failed or delayed transactions and a prevalence of armed robbery as citizens relied heavily on cash.
