ADVERTISEMENT
TechEconomy
Wednesday, May 28, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » ATM Usage Drops to 40% as Naira Scarcity Persists – KPMG

ATM Usage Drops to 40% as Naira Scarcity Persists – KPMG

Techeconomy by Techeconomy
January 9, 2024
in Finance
0
ATM in Nigeria - ATMS and POS | CBN policy
ATM

ATM

RelatedPosts

Nigerian Corporate Prosperity in Harsh Economic Times

The Puzzle of Nigerian Corporate Prosperity in Harsh Economic Times

May 28, 2025

AfDB: Nigeria’s Inflation will Drop to 17.3% in 2026

May 28, 2025

A report by KPMG indicates that scarcity of cash in circulation has made the weekly usage of Automated Teller Machines (ATM) to drop from 70 per cent to 40 per cent.

The report, titled, “In Pursuit Value”, stated that the figures were obtained from surveyed customers of Nigerian and Ghanaian banks who narrated their experiences during the year 2023.

According to the survey, ATM usage in Nigeria has witnessed a notable decline due to the regular unavailability of cash in many bank ATM stands.

The multinational consulting firm further stated that medium digital transactions dropped from the top to outside the top 10 in the survey, indicating cash dependence on Point of Sales (PoS) operators.

It stated, “Currently, four in 10 customers report weekly ATM usage, a notable decline from the previous seven in 10 over the last few years. This decline in ATM usage coincides with a significant rise in agency banking usage, with six in 10 customers frequenting bank agents every week.”

The report further noted that the rise in agency banking emphasises the continued popularity of cash, underscoring customers’ quest for more readily available cash options, primarily driven by the popularity of bank agents across the nation.

Furthermore, the survey disclosed that payment via digital mediums rose by 52 per cent in 2023 between January and October, according to NIBSS data.

It said that the spike in digital payments was triggered by the cash crunch, occasioned by the CBN’s naira redesign policy in the first quarter of 2023.

It stated;

“Consequently, digital payments surged, marking a notable 52% increase in total NIBSS Instant Payment transactions by October 2023 compared to January of the same year. This was triggered by the Central Bank of Nigeria’s initiative to overhaul the Naira, aiming to regulate cash circulation and reduce reliance on physical currency.”

In October 2022, the Central Bank of Nigeria announced its move to redesign the naira and encourage cashless transactions in the country.

The policy which was badly implemented led to a decline in economic activities, causing pains and grief to Nigerians.

It further explained that the rise in digital payment overwhelmed Tier-1 banks with multiple cases of transaction failure but fintechs rose to the challenge leading to a significant change in customers’ preferences.

According to the survey, 58 per cent of respondents switched banks or had reasons to change to fintechs during the period. This presents a radical shift from the 15 per cent who switched banks in 2022.

Also, around 13 per cent of retail banking respondents now rely on fintech for their primary banking needs from the four per cent who made the switch in 2022. (Punch)

Loading

Advertisements
MTN ADS

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: ATMFintechsKPMG
Previous Post

QNET Launches Social Awareness Campaign to Empower Nigerians against Scams

Next Post

ALTON Worried Over MTN – Glo Interconnect (Debt) Faceoff

Techeconomy

Techeconomy

Related Posts

Nigerian Corporate Prosperity in Harsh Economic Times
Finance

The Puzzle of Nigerian Corporate Prosperity in Harsh Economic Times

by Techeconomy
May 28, 2025
0

In the first quarter of 2025, a curious paradox is playing out across Nigeria’s economic landscape. Discerning observers will notice...

Read more
Youth in Sub-Saharan Africa prefer money to personal happiness | AfDB and Inflation in Nigeria

AfDB: Nigeria’s Inflation will Drop to 17.3% in 2026

May 28, 2025
fresh loans | A Call for Dialogue and Collaboration - #EndBadGovernance - IMF

Why Tinubu Wants NASS to Approve Fresh $21.5 billion Loans

May 28, 2025
Nairawatch, Naira, Exchange Rate, FX Market, Dollar, CBN Rates, Foreign Exchange

Naira Falls in Official Market, Closes at N1,584/$1

May 28, 2025
Africa's Cross-Border Payments to Hit $1tr by 2035, Facing $5bn in Annual Inefficiencies

Africa’s Cross-Border Payments to Hit $1tr by 2035, Facing $5bn in Annual Inefficiencies

May 27, 2025
NairaWatch, Naira and dollar

Naira Strengthens for Seventh Consecutive Day, Closes at N1,579/$1 in Official Market

May 27, 2025
Next Post
MTN Nigeria and Globacom

ALTON Worried Over MTN – Glo Interconnect (Debt) Faceoff

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.