Condia Insider: The slow death of cash in Africa
- Standard Bank closed 1,942 ATMs in South Africa over five years, reflecting a broader trend in ATM decline.
- Kenya's mobile money transactions reached KES 6.5 trillion in 2024, a 13% increase from the previous year.
- Nigeria's electronic payments hit ₦284.99 trillion in Q1 2025, marking a 17.7% year-on-year growth.
The shift from cash to digital payments in Africa is a promising development that can enhance financial inclusion and efficiency. However, it is crucial to address the challenges of agent liquidity and regulatory compliance to ensure that smaller operators are not left behind in this transition. The focus should also be on protecting user privacy as data transparency increases.
