Nigerian banks make about 30 per cent of their revenue from digital platforms, said Segun Agbaje, managing director of GTbank, one of Nigerias top banks.
The Nigerian government worried about the cost of funds had been pushing the cashless banking with appreciable results.
Mr Agbaje speaking at Nigeria’s version of the Social Media Week said, “Of course, there is also competition for loans, credit and for those who do salary advances; but the critical space that people are fighting for today on digital platforms is payments. All the other things that come on the back of that are add-ons.”
The ease and use of phones especially by the youths are driving this payment revolution, he said. “This is a very lucrative and very fast-growing space and Africa’s youth population is clearly driving it…when you take the young, technology adopting population, a huge proliferation of SMEs, then you see the engine of growth that is really driving the payment space,” he added.
Data released by the Nigerian Communications Commission (NCC), the country’s telecommunication regulatory body, showed that the telecoms industry added 12mn subscribers across all networks in one year, to reach 185mn in December 2019, with a teledensity of 96.7 per cent.
