The Nigerian Payment System in the Post-Covid Era: Challenges, Prospect, and Opportunities
AGBANI Bright Jeremiah, Okoh Donald Ewere
Asian Journal of Economics, Business and Accounting · pp. 647–657 · Published 29 Dec 2025
10.9734/ajeba/2025/v25i122119Abstract
The Nigerian economy is predominantly cash-driven, and any Payment System innovation must be very near and reliable to address the high demand for cash by the people. Currently, the Nigerian Payment System is characterized by a mixture of both cash or currency systems and non-cash Payment Systems. This paper looked at the full implementation of the Cashless policy by the Central Bank of Nigeria and the reaction by the public. The research, carried out through a descriptive method, carried out the assessment of the Nigerian Payment System in the post-COVID ERA. The study concluded that, though many innovations have been made to improve the Nigerian payment system by the Monetary Authority in Nigeria (CBN), which regulates the payment system, much needs to be done to ensure the confidence of the people in the cashless payment system, as the Nigerian economy is still a cash-driven economy.
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