Nigeria Leads the Trend as 7 Major Economies Move Away From Cash Payments
The global shift from cash, towards digital payments is gaining momentum, with Nigeria leading the charge.
According to the Global Payments Report 2025 by WorldPay, Nigeria has seen the most significant decline in cash transactions among seven major economies.
This trend is driven by the growing adoption of mobile banking, fintech innovations, and government policies promoting cashless transactions.
Additionally, innovations from fintech companies, which have introduced faster and more efficient banking solutions, have revitalized cashless transactions.
The report notes that digital wallets have become increasingly popular, accounting for over a third of global consumer-to-business spending in 2024, totaling over $15.7 trillion.
By 2030, combined consumer digital wallet spending is projected to exceed $28 trillion, surpassing the US GDP in 2023.
This rapid growth highlights the accelerating shift towards digital payments and Nigeria’s position at the forefront of this trend.
The Worldpay Global Payments Report 2024 highlights a significant decline in cash transactions across several major economies.
Nigeria recorded the most dramatic drop, between 2014 and 2024—the largest decline among the seven key markets analyzed.
The table below highlights different markets and the percentage decline in cash usage.
| S/N | Country | Cash Usage Decline (%) |
|---|---|---|
| 1 | Nigeria | 59% |
| 2 | Indonesia | 44% |
| 3 | Philippines | 43% |
| 4 | Mexico | 41% |
| 5 | Japan | 31% |
| 6 | Germany | 24% |
| 7 | Colombia | 22% |
The report reveals that Nigeria is at the forefront of the global shift toward digital payments.
This latest data is a significant boost for the country, especially considering its notable absence from recent Statista rankings of the top 10 African nations with the highest percentage of their population engaged in digital payments as of 2024.
This trend is driven by the growing adoption of digital payment methods, including mobile wallets, bank transfers, and contactless card payments.
Meanwhile, traditional banks in these countries have struggled to keep pace with the rapidly evolving financial landscape, further accelerating the decline in cash usage.
In Nigeria, government policies, fintech innovations, and increasing internet penetration have driven the push towards cashless transactions. The report projects that cash usage in Nigeria will decline to 32% by 2030, as digital payment adoption continues to grow.
The report also forecasts significant growth in Nigeria’s e-commerce market, projecting it to double from $13 billion in 2024 to $26 billion in 2030, with a compound annual growth rate (CAGR) of 12% from 2024-2030.
Similarly, the Philippines and Indonesia are also experiencing a shift towards digital payments, driven by government-backed digitalization programs and the widespread use of e-wallets.
However, the report notes that cash remains resilient in some regions, particularly among populations with limited access to banking infrastructure.
