- Nigerians are chocked with excessive bank charges which jeopardise the cashless drive of the Central Bank of Nigeria
- According to statistics, the digital payment system in Nigeria is projected to grow in 2025
- There are a number of alternatives to deposit money banks in Nigeria to use to avoid bank charges
Excessive bank charges have driven Nigerians into the waiting arms of fintech firms which have developed products to lure them away from conventional banking.
These fintech companies have built digital wallets and mobile savings platforms that have kept Nigerians from the clutches of excessive charges employed by Nigerian banks.
Data from Statista states that Nigeria’s digital wallet adoption will grow by 37.6 per cent by 2025.
Statista predicted top mobile wallets in Nigeria that will gain massive adoption in the next two years.
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According to Statista, Paga is expected to reach a number of higher users by 2025. Paga is regarded as Nigeria’s biggest fintech firm, having processed over $2 billion in transactions in 2020.
Central Bank of Nigeria’s (CBN) policy in granting telecommunication companies licenses to operate agency banking has led to the emergence of MTN Momo Payment Service Bank.
Momo is said to have the largest number of agents across Nigeria with over 100,000 spread across the 774 local government areas in Nigeria.
Nigeria’s oldest payment platform, Quickteller is regarded as a top player in the digital payment and savings ecosystem in Nigeria.
Quickteller’s digital wallet is widely used in Nigeria with a focus on facilitating transactions across Africa.
Apart from acting as a mobile transfer vehicle, Quickteller is also a savings platform.
The newest baby in the payment and savings ecosystem, Chipper Cash blazed into the scene and won many hearts in Nigeria.
Aside from acting as a payment platform, Chipper Cash has a digital savings wallet that accrues interest for users.
The fintech firm also operates a virtual card that allows for international transfers and transactions across Africa.
Chipper Cash has more than three million users on its platform and processes over 80,000 transactions daily.
With over 18 million users in Nigeria, Opay, the digital payment platform has emerged as a top powerhouse in the digital ecosystem in the country.
- PiggyVest, among others.
Chocked by excess bank charges, Nigerians turn to digital banks and wallets
Legit.ng reported that excess bank charges are choking bank customers and businesses in Nigeria. In protest or search for alternatives, they are turning in droves to digital banks.
Like every other Nigerian who finds the banks’ excess charges irrational, Akuakanwa decided to opt for a digital bank. According to her, she would still maintain a skeletal presence in her traditional banks.
For the majority of Nigerians, the digital banks that are mostly branchless, the option of not having to pay any fee on a transaction, is a huge lure and relief.