By Calista Oyeoba/ Posted March 27, 2025

Nigeria, just like other countries, is experiencing innovative changes in the way people make payments. Digital payment is transforming the financial landscape, with many Nigerians accepting online payment methods which has made it easy for people to make transaction without the need of using physical cash. The value of digital payment in Nigeria has grown progressively by up t 23% in digital in 2020, reaching N12.2 trillion which was reported by central bank of Nigeria (CBN).

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There are several factors driving the growth of digital payments in Nigeria. Top on the list is the use of mobile phones which has made it easier for people to access digital payment platforms. To support the telephoning wave, the Nigerian government launched initiatives to promote digital payments, such as the National Digital Economy Policy and the Cashless Policy. Today, digital payments offer a more secure way to make transactions, reducing the risk of theft and loss associated with cash.

Some of the most popular digital payment methods operating mobile money services in Nigeria includes MTN Mobile Money and Airtel Money, which allow users to make transactions using their mobile phones.

Online banking services, such as internet banking and mobile banking, make it easy for users to make transaction and manage their account online. Additionally, the use of USSD payments, allow users to make transactions using their mobile phones without the need for internet connectivity. Also, card payment like debit card or credit card are widely accepted in Nigeria to make transaction with or without internet.

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Digital payment has made it easy for individuals in Nigeria to do businesses briskly and garner the accompanying benefits from, owing to its convenience and transact from anywhere, anytime and any day. In a way, it is more secure than traditional cash transactions, reducing the risk of theft and loss while offering financial inclusion for all.

Despite the growing popularity of digital payments, there are still challenges and limitations to be addressed. The needed digital infrastructural backbone such as internet connectivity and payment systems, are still limited or non-existent in many parts of Nigeria.

Like every man-made innovation, digital payments are not immune to security concerns, such as cyber-attacks data breaches and phishing. Added to these, many Nigerians still lack awareness and education about digital payments and their benefits.

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Nonetheless, the growing popularity of digital payments in Nigeria is transforming the financial landscape. While cash transaction is still widely used, digital payments offer several benefits, including convenience, security, and increased efficiency.**Please, do not do this job, if you will not do it properly. You may cause us plenty of problems, God bless you.

25 thoughts on “The Growing Popularity Of Digital Payment in Nigeria”
  1. Digital payments are definitely the future in Nigeria, but the network issues really need to be sorted out.

  2. It’s great that more people are using digital payments, but a lot of folks in rural areas are still left out.

  3. I still worry about how secure these platforms are. I’ve heard too many stories of people losing money.

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