Nigeria’s Digital Payment Boom: Unlocking the Potential for SMEs and Economic Growth—But at What Cost?

 

UPDATE

Nigeria is well on its way to becoming a digital payment powerhouse!

But here’s the reality: as digital transactions grow, so do hidden fees and unfair banking charges. Consumers and small businesses are being squeezed under the weight of rising costs—and it's unacceptable.

A recent Visa report, Value of Acceptance: Understanding the Digital Payment Landscape in Nigeria, highlights the massive potential of digital payments, particularly for small and medium-sized enterprises (SMEs). Yet, there’s a glaring contradiction: while cashless transactions are marketed as seamless and cost-effective, many Nigerians are paying the price—literally—through exorbitant transaction fees.

Look no further than the latest move by the Central Bank of Nigeria (CBN). Starting March 1, 2025, Nigerians will be forced to pay N100 per N20,000 withdrawal at off-site ATMs, plus a staggering N500 surcharge at standalone cash points. Let’s call this what it is—daylight robbery disguised as policy. Instead of making banking more accessible, the CBN is making it more expensive, penalizing those who rely on cash for daily transactions.

And it gets worse. The Socio-Economic Rights and Accountability Project (SERAP) has slammed the CBN for what it calls a "manifestly unlawful, unfair, unreasonable, and unjust increase" in fees. Why should struggling Nigerians bear the brunt of these charges while commercial banks rake in trillions in annual profits? This isn’t just bad policy—it’s economic injustice.

The Bigger Picture: Who Really Benefits?

Digital payment adoption should spur economic growth, increase tax revenue, and improve transparency. But when financial institutions prioritize profits over people, they create a two-tiered financial system—one that benefits the elite while leaving ordinary Nigerians behind. The promise of financial inclusion is starting to look more like financial exclusion.

Nigerians deserve better. Financial policies should empower people, not exploit them. The CBN must rethink its approach before further eroding trust in the banking system. The question is: Will they listen?

Cashless Nigeria: Visa Report Highlights the Power of Digital Transactions

 

Nigeria, Africa’s largest economy by GDP and population, is undergoing a rapid and unstoppable transformation in its payment ecosystem. The era of cash dependency is fading fast. Digital payments are no longer optional; they are the future. The increasing shift toward digital transactions is revolutionizing how businesses, individuals, and the government handle financial interactions. With a youthful, tech-savvy population, skyrocketing smartphone penetration, and relentless fintech innovation, Nigeria is on track to dominate Africa’s digital payment landscape.

Visa’s recent report, Value of Acceptance: Understanding the Digital Payment Landscape in Nigeria, makes one thing clear: digital payments aren’t just about convenience—they are an economic force driving financial inclusion, business growth, and national prosperity. If you’re not embracing digital transactions, you’re already falling behind.

Key Findings from the Visa Report

Visa’s study reveals that digital payments offer undeniable benefits for Nigerian SMEs:

• Revenue Growth & Customer Footfall: Nearly 90% of surveyed SMEs confirm that digital payments boost revenue and attract more customers.

• Increased Merchant Preference for Digital Payments: Over 50% of merchants already prioritize digital transactions due to their efficiency and security.

• Transition Plans: A staggering 76% of cash-only SMEs are preparing to invest in digital payment solutions, such as POS devices, in the near future.

• Security Concerns with Cash: 62% of SMEs highlight fraud risks linked to cash transactions, with 44% admitting to losing sales because customers lacked cash.

• Growth Catalyst: 83% of SMEs recognize digital payment investment as a non-negotiable factor for business expansion.

Why This Matters

This transformation extends far beyond just making payments easier. Digital transactions are a powerful catalyst for economic development, financial inclusion, and operational efficiency. Nigeria’s digital economy is expanding at an unprecedented pace, and businesses that hesitate to adopt these technologies risk missing out on lucrative opportunities, access to financing, and data-driven growth strategies.

How We Got Here

Nigeria’s digital payment revolution didn’t happen overnight. Several key factors paved the way:

• Mobile Penetration & Internet Access: With mobile phone penetration exceeding 90% and nearly half the population accessing the internet via mobile devices, digital platforms are within reach for millions.

• Fintech Innovation: Nigerian fintech startups are pioneering seamless, cost-effective payment solutions, outpacing traditional banking methods.

• Demographic Shift: Nigeria’s median age is about 18—meaning a tech-driven, digital-savvy population is driving adoption at an unprecedented rate.

• Government & Regulatory Influence: The Central Bank of Nigeria (CBN) has championed a cashless economy, accelerating digital payment adoption.

• COVID-19 Acceleration: The pandemic made cash transactions impractical, catapulting contactless and remote payment solutions into mainstream use.

Challenges to Overcome

Despite rapid adoption, significant obstacles remain:

• Infrastructure Gaps: Limited electricity and internet connectivity in rural areas continue to hinder widespread adoption.

• Cybersecurity & Fraud Risks: As digital transactions soar, so do concerns about fraud and security breaches.

• Trust Issues: Many Nigerians still cling to cash due to deep-rooted skepticism about digital platforms and financial institutions.

• Regulatory Inconsistencies: High transaction fees and shifting policies can deter both businesses and consumers from fully transitioning.

Visa’s Role in Driving Digital Payment Adoption

Visa isn’t just observing Nigeria’s digital transformation—it’s actively shaping it. Visa’s initiatives include:

• Innovative Solutions: Programs like Tap to Phone, Contactless Payments, and Click to Pay are making digital transactions seamless.

• Merchant Support: Providing SMEs with educational resources and tailored solutions to ease their transition into digital payments.

• Cybersecurity Strengthening: Leveraging Visa’s security expertise to build consumer trust and protect digital transactions.

The Digital Payment Shift

Digital payments promise efficiency, security, and business growth, but contradictions persist. Businesses demand digital adoption, yet many SMEs hesitate due to fears of fraud and internet instability. Consumers appreciate the convenience of cashless transactions but remain wary of hidden charges and excessive banking fees. While digital payments drive inclusion, they also introduce new financial barriers for those without internet access. These contradictions must be acknowledged and tackled head-on.

Macroeconomic Implications of Digital Payments

The shift toward digital transactions is not just a technological trend—it has far-reaching macroeconomic consequences:

• Financial Inclusion: Expanding access to financial services connects the unbanked population to economic opportunities.

• GDP Growth: A mere 1% increase in card usage generates an average of $67 billion in additional goods and services consumption globally.

• Reduced Cost of Cash Management: Governments and businesses save billions annually by reducing reliance on physical cash handling.

Conclusion

The digital payment revolution in Nigeria is not just an evolution—it’s a necessity. Visa’s report underscores the undeniable benefits of embracing digital transactions—from boosting revenue and security to driving financial inclusion.

However, challenges must be addressed. Infrastructure, consumer trust, and regulatory stability remain key areas requiring attention. But one thing is certain: the future is digital, and Nigeria is leading the charge.

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Join the Conversation: What are your thoughts on Nigeria’s digital payment transformation? How has it impacted your business or daily life? Share your insights in the comments below!

Empowering Responses to Ungratefulness: Resilience Amidst Manipulation.

 

Prioritize self-care to overcome the challenges of ungratefulness.

This post explores the behavior of ungrateful individuals, drawing parallels between their mindset and a malfunctioning thermostat. It highlights common traits of ungratefulness, such as jealousy and deception, and provides thirteen signs to identify such people. The lesson concludes with practical strategies for managing ungrateful individuals, including setting boundaries and distancing oneself if necessary.

"The Thermostat of The Ungrateful" illustrates the complexities of dealing with ungrateful individuals and highlights the importance of recognizing their manipulative and entitled behavior. By understanding the parallels between their mindset and a malfunctioning thermostat, you can better navigate interactions with such individuals. Remember to communicate openly, set boundaries, and prioritize your well-being when dealing with ungrateful people. Surround yourself with positive influences and be mindful of who you invest your time and energy in. Ultimately, protecting your emotional health and fostering positive connections will lead to a more fulfilling and content life.

As you navigate encounters with ungrateful individuals, keep in mind that everyone has their struggles, and some may not be aware of their ungrateful behavior. While it's essential to protect yourself, there might be instances where offering a compassionate ear or understanding can help them see their actions more clearly. However, always prioritize your well-being and emotional boundaries in these situations.

Additionally, it's important to remember that the behavior of ungrateful people is not a reflection of your worth or actions. Their entitlement and lack of appreciation stem from their own unresolved issues and insecurities. Avoid taking their behavior personally and maintain confidence in your own actions and intentions.

As you practice managing ungrateful encounters, focus on cultivating gratitude in your own life. Express appreciation to those who have helped or supported you, and acknowledge the positive aspects of your life. Gratitude can create a positive mindset and foster meaningful connections with others.

If you find yourself struggling to cope with interactions involving ungrateful individuals or if their behavior becomes emotionally taxing, consider seeking support from a counselor or therapist. Professional guidance can provide valuable insights and coping strategies tailored to your specific situation.

Examples:

1. Ungrateful individuals frequently demand more without showing appreciation; taking advantage of others' kindness.
2. They may harbor jealousy and direct negative behavior towards those they envy, seeking assistance from those they secretly resent.
3. Skilled dissemblers, they manipulate others by playing the victim and offering flattery to achieve their goals.
4. Signs of ungratefulness include consistent blaming of others, disregard for boundaries, and an entitled sense of self-importance.
5. Strategies for dealing with ungrateful individuals involve direct communication, setting boundaries, and, if necessary, distancing oneself from them.

In practical terms, managing ungrateful individuals can be challenging, but it's crucial to address the issue directly. When you encounter someone displaying ungrateful behavior, consider the following steps:

1. Communicate Openly: If you notice signs of ungratefulness in someone you interact with, try having an honest conversation with them. Approach the topic with empathy and express how their behavior makes you feel. Sometimes, individuals may not be aware of their ungrateful tendencies, and bringing it to their attention can lead to positive changes.
2. Set Boundaries: Establish clear boundaries to protect yourself from being taken advantage of by ungrateful individuals. Be assertive and learn to say no when necessary. If they persistently push for favors without showing appreciation, firmly maintain your boundaries to avoid being manipulated.
3. Evaluate the Relationship: Reflect on the nature of your relationship with the ungrateful individual. Consider whether the friendship or connection is healthy and beneficial. If their behavior consistently brings you down or negatively affects your well-being, it might be time to reevaluate the relationship's worth.
4. Seek Support: If you find it challenging to deal with an ungrateful person on your own, seek support from friends, family, or a therapist. Talking about your experiences can provide valuable insights and strategies for coping with the situation.
5. Avoid Enabling: Ungrateful individuals may exploit your kindness and generosity, leading to a cycle of entitlement. Avoid enabling their behavior by not giving in to their requests when you feel taken advantage of or underappreciated.
6. Maintain Self-Respect: It's essential to value yourself and maintain self-respect when dealing with ungrateful individuals. Recognize that their behavior reflects their own issues, and it's not a reflection of your worth or character.
7. Be Selective with Trust: While it's important to be compassionate and kind, be cautious about trusting ungrateful individuals with sensitive information or resources. Their tendency to be calculating and deceptive can lead to potential harm.
8. Distance Yourself if Necessary: If all attempts to address the issue prove futile, and the ungrateful behavior continues to cause distress, it might be best to distance yourself from that person. Surround yourself with positive and appreciative individuals who uplift and support you.

Remember, managing ungrateful individuals requires resilience and self-awareness. It's essential to recognize your boundaries, stand firm in your decisions, and prioritize your well-being. By doing so, you can maintain healthier relationships and protect yourself from being taken advantage of by unappreciative people.

In some cases, despite your best efforts, ungrateful individuals may not change their behavior. If you find yourself consistently facing manipulative or toxic behavior, it's crucial to take more decisive action:

1. Minimize Contact: Gradually reduce the frequency and depth of your interactions with the ungrateful person. Limiting contact can protect your emotional well-being and help you maintain your peace of mind.
2. Focus on Positive Relationships: Channel your energy towards nurturing relationships with those who value and appreciate you. Surrounding yourself with positive and supportive individuals can counteract the negative impact of ungrateful encounters.
3. Practice Self-Care: Engage in self-care activities that promote emotional and mental well-being. Whether it's spending time in nature, pursuing hobbies, or seeking professional help, taking care of yourself is essential during challenging times.
4. Learn from the Experience: Reflect on your interactions with ungrateful individuals and identify any patterns or red flags that you might have overlooked. Learning from these experiences can help you set healthier boundaries in future relationships.
5. Let Go of Guilt: Sometimes, breaking ties with ungrateful individuals can be challenging, especially if you have a history with them. However, it's crucial to let go of any guilt associated with distancing yourself from toxic relationships. Prioritize your emotional health and focus on personal growth.

In summary, dealing with ungrateful people can be challenging, but understanding their traits and manipulative tendencies can empower you to respond effectively. Set clear boundaries, prioritize self-care, and focus on nurturing positive relationships in your life. Remember, you have the agency to choose the company you keep and deserve to be surrounded by individuals who respect and appreciate you. By navigating these interactions with awareness and compassion, you can foster a more harmonious and fulfilling social environment for yourself and those who genuinely value your presence in their lives.

By

Staff Writer.

Nigeria's Investment Landscape: Foreign Investors Ready for Positive Changes

 

President Bola Ahmed Tinubu's focus on the repatriation of dividends and profits brings hope to Nigeria's stock market.

The Decline in Foreign Investors' Participation: Challenges Faced by Nigeria's Stock Market

The new president of Nigeria, Bola Ahmed Tinubu, has grabbed the attention of overseas investors with his inaugural speech, addressing crucial issues plaguing the country's economy. One major concern for foreign investors has been the severe lack of foreign exchange, hindering their ability to invest and repatriate funds. Tinubu has assured investors that their complaints about multiple taxation and anti-investment barriers will be reviewed, emphasizing the government's commitment to facilitating the repatriation of dividends and profits.

Suspension of Central Bank Governor: A Step Towards Predictable Monetary Policies

Shortly after, Tinubu made headlines by suspending the central bank governor, Godwin Emefiele, who had faced criticism for high-interest rates and the existence of multiple exchange rate systems. This move, coupled with Tinubu's comments, has generated enthusiasm among non-domestic investors who have been fleeing Nigeria due to difficulties in retrieving their investments. Despite abundant investment opportunities, the inability to repatriate funds has kept international investors at bay.

The Nigerian stock market has witnessed a decline in foreign investors' participation over the years. In 2014, foreign investors dominated trading, accounting for 57% of all transactions. However, by the end of 2021, their share had dropped to 22%, and it further plummeted to 16% by the end of 2022. The latest statistics indicate that foreigners only contributed 4% to Nigerian equity trading as of April, raising concerns among international fund managers.

Nigeria's Stock Market Statistics: Falling Share of Foreign Investors.

Foreign Exchange Restrictions: Impacts on Repatriation for International Investors

The imposition of foreign exchange restrictions by the central bank during the early stages of the COVID-19 pandemic worsened the situation. These controls aimed to alleviate the dollar shortage but made it increasingly challenging for foreign investors to repatriate funds from sold holdings. Consequently, many international fund managers, including Allan Gray, have refrained from investing in Nigeria, citing a lack of confidence in retrieving their capital.

New Nigeria Naira Notes.

Investor Confidence Restoration: Repatriation Focus Brings Hope to Nigeria's Stock Market

The suspension of Governor Emefiele has been welcomed by investors, signaling a shift towards focused and predictable monetary policies. It represents a positive step by President Tinubu towards implementing necessary reforms early in his term. Analysts and portfolio managers believe that this change will lead to a return to normalcy and restore confidence in Nigeria's banking sector and the wider economy.

Overall, Tinubu's message regarding the repatriation of dividends and profits, coupled with the removal of the central bank governor, has raised spirits in Nigeria's stock market. Foreign investors are hopeful that these actions will pave the way for a more conducive investment environment and facilitate the retrieval of their investments.

By

Gbola Moh'd Isama

Last Chance! Grab Unbeatable Deals Before They're Gone!

 

Dear Valued Customers,

We hope this email finds you excited about the incredible savings that await you during our Jumia Anniversary "Closeout Sale" event! We don't want you to miss out on these unbeatable deals, so we're reaching out one last time to remind you that time is running out. This is your final chance to grab the products you've had your eye on at unbelievable prices.

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These are just a few examples of the incredible discounts available. We have carefully selected these products to ensure that you have access to the very best at prices you won't find anywhere else. Don't miss your chance to transform your home, office, or outdoor spaces with high-quality products that fit your budget.

To make your shopping experience even more convenient, simply click on the button below to subscribe for updates you will be notified of our new blog posts and articles on the complete range of discounted products.

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We're here to support you throughout your shopping journey. If you have any questions, need assistance, or require further information, please don't hesitate to reach out to our friendly customer support team. We're always ready to help you make the best choices and ensure your satisfaction.

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Supercomafrica Limited

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Unlock the Power of Connectivity with Reliable Modems: Your Small Business Owner's Guide to Affordable Broadband Solutions.

 

Image: How Modems Work

Introduction:

In the digital age, reliable internet connectivity is crucial for small businesses to thrive. Modems, as the gateway to the Internet, play a critical role in connecting businesses to their Internet service providers (ISPs). This article serves as a comprehensive guide for small business owners, highlighting the importance of modems and providing insights into the various modem types available in Nigeria. By understanding the features, speeds, and compatibility of different modems, small business owners can make informed decisions and select affordable and reliable options that cater to their specific needs.

Modems: The Gateway to the Internet

Modems act as the bridge between a small business's internal network and the external internet. They receive data from the ISP and convert it into a format that can be transmitted over a local network. Without a modem, businesses would not have access to the internet and all the opportunities it provides.

In Nigeria, a variety of modem types are available to cater to different business requirements and geographical locations. The most common modem types include satellite, cable, and wireless modems. Each type offers unique advantages and considerations that small business owners should be aware of.

Satellite Modems: Bridging Connectivity Gaps

Satellite modems are an ideal solution for businesses operating in areas with limited terrestrial connectivity. They rely on communication satellites to establish an internet connection, bypassing the need for traditional land-based infrastructure. This makes satellite modems a viable option for businesses in remote or underserved locations. They provide connectivity where other types of modems might not be feasible.

Cable Modems: Speed and Convenience

Cable modems utilize the existing cable television infrastructure to deliver high-speed internet access. They offer faster speeds compared to satellite modems and are widely available in urban and suburban areas. Cable modems are an excellent choice for small businesses that prioritize speed and reliability. They provide a stable and consistent internet connection that can handle bandwidth-intensive tasks such as video conferencing, online transactions, and large file transfers.

Wireless Modems: Versatility and Mobility

Wireless modems, also known as cellular modems or MiFis, leverage cellular networks to provide internet connectivity. They offer the advantage of mobility, allowing small businesses to access the internet on the go. Wireless modems are particularly useful for businesses that require flexibility and frequently travel or operate in different locations. They are also suitable for temporary setups or as backup solutions when other types of connectivity are unavailable.

Image: Linksys

Understanding Modem Features, Speeds, and Compatibility

To make an informed decision when choosing a modem, small business owners should consider the features, speeds, and compatibility with Nigerian ISPs. The modem features such as security protocols, network management options, and compatibility with VPNs or VoIP services can significantly impact the business's connectivity and operations. It is important to assess the specific needs of the business and select a modem that aligns with those requirements.

Different ISPs in Nigeria may have varying compatibility with modem types and brands. It is crucial for small business owners to research and ensure that the modem they choose is compatible with their chosen ISP. Compatibility issues can lead to connectivity problems and inefficiencies, affecting the overall business operations.

Recommendations for Affordable and Reliable Modem Options in Nigeria

To help small business owners make informed decisions, we recommend a few affordable and reliable modem options available in Nigeria:

1. Option 1: Satellite Modem

1. Ideal for businesses in remote areas with limited terrestrial connectivity

2. Offers reliable connectivity through satellite communication

3. Provides secure and stable internet access

2. Option 2: Cable Modem

1. Suitable for businesses in urban or suburban areas

2. Delivers high-speed internet access for bandwidth-intensive tasks

3. Compatible with major ISPs in Nigeria and offers a reliable connection

3. Option 3: Wireless Modem

1. Provides flexibility and mobility for businesses on the move

2. Leverages cellular networks to deliver internet access

3. Ideal for temporary setups or as a backup solution

It is important to note that the recommendations above are based on general considerations. Small business owners should assess their specific needs, budget constraints, and geographic location to determine the most suitable modem option for their business.

Conclusion:

Modems serve as the gateway to the internet for small businesses in Nigeria. Understanding the various modem types, their features, speeds, and compatibility with Nigerian ISPs is crucial for small business owners to make informed decisions. By selecting affordable and reliable modem options tailored to their needs, small business owners can ensure a stable and efficient internet connection, enabling them to thrive in the digital landscape and achieve their business goals.

To assist Nigerian small business owners in making informed decisions, Supercomafrica Limited will provide recommendations for affordable and reliable broadband equipment specifically suited to their needs. We will also offer valuable tips on optimizing equipment performance, maximizing efficiency, and the importance of selecting reputable suppliers that offer local customer support for ease of maintenance and troubleshooting.

By

Staff, Broadband Technology