It said real-time payment volumes spiked in the country in 2020, rising to over 70% of digital payment transactions. The report indicated that this might be due to COVID-19, which accelerated digital transformation to reduce pressure on the paper-based payments.
Real-time volume was 1.9 billion in 2020, which represents a 45% growth. Since it launched in 2011, real-time payment has grown, although in terms of transaction volume, cash is the most popular payment method, especially for every day, inexpensive payment.
With 56% of Nigerians unbanked as of 2020, real-time payment adoption and usage continue to be hindered, according to the report. It noted that to address the gap in financial inclusion, the Central Bank of Nigeria had undertaken a payments modernisation initiative to launch payment service banks.
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