Nigeria has recorded a high growth in digital financial channels in the last one year, according to the Central Bank of Nigeria (CBN).
Dr. Hassan Mahmud, Director of the CBN’s Monetary Policy Department, in a presentation titled “Implications of Trends in the Digital Financial Ecosystem for Monetary Policy Implementation said the overall population of Nigerians who use digital payment has increased by 35 per cent.
He said, “Nigeria recorded a high growth in digital financial channel utilisation, rising by approximately 35 per cent growth in the total population who carries out digital transactions.”
According to him, the use of other mobile platforms has grown at a slow pace.
He claimed there was a possibility of digital money replacing fiat currency as the major means of making retail payments, while explaining why there was a rise in current attention to digital payments.
