Operators of electronic payments in Nigeria have blamed the decline in transactions across all electronic payment channels on the present economic situation of the country.
Speaking to Vanguard Newspaper, the National President, Association of Mobile Money and Bank agents, Mr. Olojo Victor believes that Nigerians now have limited power to carry out financial transactions leveraging the various e-channels.
“The exchange rate and ease of doing business are also affecting transactions. When you have money and businesses are thriving, money moves across the economy,” he said, adding that the decline has nothing to do with a lack of agents, as Nigeria has over a million Mobile Money agents across the country and more terminals being deployed.
Vanguard had reported that the value of electronic payment (e-payment) transactions fell month-on-month (MoM) by N2.85 trillion or 8.2 percent to N31.8 trillion in April 2022, from N34.65 trillion in March 2022. The same report noted that the volume of e-payment transactions declined MoM by 18.7 million or 3.4 percent to 529.7 million in April 2022, from 548.4 billion in March 2022.