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Cashless Economy Spells Boom for Nigerian Digital Infrastructure Stakeholders

  • 2 minutes to read

Chukwudi Nwokike

Chukwudi Nwokike has worked with brands from different sectors of the economy such as: University of Nigeria, Afrinvest, Meristem, Bi-Courtney Aviation and dRaX ARTS. His clientele usually end up with a healthy web presence that is capable of generating revenue for their business.He works with WSI,one of the largest digital marketing agencies in the world with over 1,000 offices in 81 countries. WSI Axon is the Lagos Office that helps business improve their digital presence and become profitable on the internet.
Cashless Economy Spells Boom for Nigerian Digital Infrastructure Stakeholders

Chukwudi Nwokike

Chukwudi Nwokike has worked with brands from different sectors of the economy such as: University of Nigeria, Afrinvest, Meristem, Bi-Courtney Aviation and dRaX ARTS. His clientele usually end up with a healthy web presence that is capable of generating revenue for their business.He works with WSI,one of the largest digital marketing agencies in the world with over 1,000 offices in 81 countries. WSI Axon is the Lagos Office that helps business improve their digital presence and become profitable on the internet.

Nigeria has recorded N63Tn ($200Bn) in cashless transactions (cash transactions via electric channels) for 2016. This is almost double of the 2015 figure of N35Tn ($111Bn) according to the Nigerian Interbank Settlement Scheme (NIBSS). The widespread acceptance of cashless initiatives in the Nigerian economy is looking like it is here to stay and it is a good signal for business in Nigeria.

Gone are the days of dependence on Bank Tellers, Cash withdrawals via cheque and filling long forms and writing letters to initiate an inter-bank transfer.

Cashless Economy Spells Boom for Nigerian Digital Infrastructure Stakeholders

Cashless transactions are building bridges for commerce in the Nigerian market, as people don’t need to physically interact to make a purchase. Below is the spread of $200Bn in the various segments of cashless transactions:

Item Value
NIP38Tn
Cheque5.8Tn
ATM4.9Tn
Mobile Money756Bn
NEFT12Tn
E-Bills339bn
POS759bn
Web132bn

What is important to note is that N132Bn ($420mn) was spent on online/web transactions in 2016 and N339Bn (Over $1Bn dollars) spent on paying bills online.

Cashless Economy Spells Boom for Nigerian Digital Infrastructure Stakeholders

What does that mean for Nigerians?

  • People are Purchasing Online and are seeking digital methods of making transactions and that need needs to be addressed by the arrival of more Nigerian digital-centered-businesses.
  • Businesses that have strong offline presence need to take their online presence more seriously, if not their relevance will be diminished over the coming years.
  • The Nigerian workforce needs to be better trained and require increased numbers of IT professionals who can ideate, build and manage digital platforms.

Below are some of the businesses who stand to really take advantage of the rapid growth of e-business being done in Nigeria:

  • Utility Billers moving Online
  • E-Commerce Stores
  • Travel Agencies
  • Application Development Firms for E-platforms
  • Payment Gateways (Solutions)
  • Mobile VAS Operators
  • E-Payment Security Providers.

Do You have a business idea or an existing business that you want to translate via Digital platforms?

You can talk to a WSI Certified Digital Marketing Consultant today.

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Oti is a vastly experienced digital media and marketing professional with over 10 years of industry experience. He has worked across Agency, Brand, Publisher and Marketing Technology sides of the industry in various capacities.


Driven by a strong commitment to continuous innovation, Oti has managed so many successful digital projects across Africa and Europe for brands like Coca-Cola, Nestle, Guinness, Kellogg’s, EA Games, Sony Entertainment, etc., and advises senior management of global brands on data-driven marketing and digital transformation.

Consumer insights in marketing: Oti

Oti currently heads Product at Terragon Group, Africa’s leading data aggregation, enrichment, and activation company, where he is responsible for developing innovative data-driven marketing solutions for SMBs and Enterprises across Africa.


Oti is the current President of Association of Digital Marketing Professionals (ADMARP), the foremost professional body for digital marketing practitioners in Nigeria. He is also a communications consultant to the African Union in areas of youth engagement and digital interactions. A known public speaker, teacher and trainer, Oti has facilitated several conferences and digital events, and was recognized by Marketing Edge Magazine as an Outstanding Digital Marketing Personality of the year 2021.