{"id":3260,"date":"2020-05-18T11:18:00","date_gmt":"2020-05-18T11:18:00","guid":{"rendered":"https:\/\/borderlessaccess.com\/blog\/?p=3260"},"modified":"2025-06-13T05:03:51","modified_gmt":"2025-06-13T05:03:51","slug":"exploring-nigerian-consumer-payment-preferences-and-trends","status":"publish","type":"post","link":"https:\/\/borderlessaccess.com\/blog\/exploring-nigerian-consumer-payment-preferences-and-trends\/","title":{"rendered":"Exploring Nigerian Consumer Payment Preferences And Trends"},"content":{"rendered":"Reading Time: <\/span> 3<\/span> minutes<\/span><\/span>\n

Nigeria, the largest economy in the continent of Africa, still remains a largely cash-dominated society. As per\u00a0one report\u00a0by Access Bank Plc, over 40 million Nigerians do not have a bank account. However, the Central Bank of Nigeria has implemented several measures to encourage people to become part of the country\u2019s regulated financial system, including implementing the National Financial Inclusion Strategy and launching of Payment Service Banks. Thanks to these measures, financial inclusion has improved, with an\u00a011% increase\u00a0in active bank accounts as of early 2020.<\/p>
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In this regard,conducted a study in Nigeria, as well as South Africa, Ghana, and Kenya, to explore the uptake of a wide range of payment methods by the masses. Where only 65% of the adult population are considered financially inclusive, it presents fintech and other finance establishments with a massive pool of opportunity to grow and expand in the coming years.<\/p>
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It is important to note, that this study was conducted just before the lockdown was implemented in any of the African countries, thus the results indicate a long term trend, rather than being skewed by the unusual spending behaviour of the past few weeks due to COVID-19 pandemic followed by lockdowns.<\/p>
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