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Nigerian E-payments eclipse South Africa’s 2022 GDP, in latest surge

Nigerian E-payments eclipse South Africa’s 2022 GDP, in latest surge

WHEN the Nigerian Central Bank introduced newly designed currency notes in November 2022 and a month later put a cap on the maximum amount of hard cash that individuals and corporations could withdraw, the idea was to tame money laundering in the country. During that year’s Christmas festive season and in the run-up to the 2023 Nigerian presidential election in February 2023 –– two high spending seasons –– the country was hit with shortages of the naira currency. Nigerians, however, appear to have found solutions to the problem, according to official statistics. In December 2023 alone, 968 million transactions took…
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Uganda takes another step on e-payments path: five things you should know

Uganda takes another step on e-payments path: five things you should know

LONG periods of limited physical contact under COVID-19 lockdowns triggered new interest in alternative payment methods beyond existing options. The Bank of Uganda is among institutions that have taken steps to promote a shift towards a cashless economy. It recently ordered commercial banks to reduce by 50% the maximum amount customers can transact by cheque – from an upper limit of US$5,500 to US$2,750 – starting January 15. This move reflects a slow-rolling process across East Africa towards electronic payments. Mercy Muendo has studied information technology and law. We asked her to unpack five key points in the Bank of…
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