Electronic payments 'on the up in Nigeria'
The number of electronic payments made using bank cards and other systems is increasing in Nigeria.The number of electronic payments made using bank cards and other systems is increasing in Nigeria.
A report from international rating agency Moody's, made available to This Day, explained this will result in more funds staying in the bank accounts of consumers.
According to the document, entitled Payment Cards and Economic Growth, cash transactions often lead to significant amounts of money leaving the economic system.
Therefore, individuals, businesses and Nigeria as a whole can benefit from the increased use of cards and other solutions to make payments.
"The migration from paper to electronic payments is a positive phenomenon and the study supports the adoption of policies that encourage and accelerate this shift," This Day stated.
Furthermore, it is not only electronic card transactions that are increasing in the country.
At the end of last month, Business Day reported more than 80 million Nigerian citizens have mobile phones, which presents great opportunities for the growth of mobile banking and improved access to finance.