Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Digital evolution unlocks Nigeria's potential

17 June 2016, 08:33Okoro Chinedu

Lagos – Nigeria has been cited as a good example how the digital evolution is unlocking Africa’s economic potential.

According to experts, Africa’s digital economy is slowly evolving, showing huge potential for the continent's transformation towards a cashless society.

While the progress has generally been slow, African countries share some of the world’s highest speeds of digital growth.

Among the countries where adoption has been commendable is Nigeria, where electronic payment systems are earmarked to superseding cash, bank notes, payment orders and cheques with a huge demand for faster and more convenient ways to pay for goods and services.

Omokehinde Adebanjo, Vice President and Area Business Head for West Africa for MasterCard, mentioned initiatives such as the just-concluded 16th edition of the annual Central Bank of Nigeria (CBN) Cashless CardExpo.

Also read: Airline operators laud CBN's flexible forex policy

In collaboration with the federal government and decision makers in the financial space plays a fundamental role in advancing the development of electronic payment in Africa, pecifically in Nigeria.

“These efforts have been pivotal in encouraging citizens to bank which has also paved the way to economic freedom and financial inclusion for marginalised groups in the country,” said Adebanjo.

Adebanjo said in this light, it was important to understand that financially excluded markets were huge unserved populations looking for a solution, and lower income did not mean electronic payments were out of reach.

Over the years, many successful initiatives targeting lower-income segments have been established, such as micro payments and micro finance.

With millions of Nigerians receiving funds from friends and family, this is a lifeline.

“These types of services have the potential to open up new remittance corridors, expand the scope of cashless money transfers, extend financial inclusion and grow the economy,’ said Adebanjo. 

- CAJ News

Tags cbn

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...