CEM REPORT, FINTECH | With the glamour of the CBN for a cashless economy and the scarcity of cash in the country, Nigerians have declined the use of e-payment to carry out transactions.
According to the Nigeria Inter-Bank Settlement Systems (NIBSS) in its latest data electronic payment transactions in Nigeria declined by 5% in February.
The total value of transactions stood at 36.8 trillion in February from N38.8 trillion recorded in January.
Although, the volume of electronic transactions for the month increased from 541 million in January to 787 million in February.
The increase in the volume of transactions is indicative that more Nigerians embraced electronic means of monetary transaction however perform such transactions at a reduced value.
An attributing factor to the decline in the value of transactions can be traced to the unreliable state of the bank network for performing such transactions.
With many Nigerians complaining of failed transfers and over-debit, one won’t blame them for performing a reduced-value transaction.
With the CBN naira redesign policy biting hard on many businesses and the banks not anywhere close to resolving their network challenges, the fate of the almost successful cashless policy lies in an unbalanced territory.