Why the promise of a cashless society is key to unlocking the Nigerian commerce growth opportunity
By Justin Floyd, CEO of open commerce platform, Redcloud
Cash is a uniquely expensive and inconvenient way to do business. However, shifting to a world of cashless payments is easier said than done, as many policymakers have discovered to their cost. The Nigerian Government is taking unprecedented steps to reduce the economic reliance on cash and promote digitally-driven commerce. Will its gamble pay off?
Along with Sweden and India, Nigeria has moved ahead of other countries in its efforts to reduce the reliance on cash to make commerce flow and drive economic growth. Most notably, in late 2022, the Government announced a cap on weekly cash withdrawals for both individuals and corporations, with punitive fees levied for those straying above the limits.
Since then, it has also announce...