DIGITAL FINANCE PENETRATION IN NIGERIA

Abstract

This study has empirically assessed digital payment system penetration in Nigeria from 2009 to 2023.  The study was guided by five (5) objectives and questions. The study adopted Diffusion of Innovation Theory. Data were obtained from the secondary sources like CBN, Journals, NBS etc. The data were analyzed using percentages and chats. From the result, it was established that since 2009, apart from 2010, 2013 and 2020, the volume of transactions of cheques has been on the downward trajectory while that of digital transactions apart from the said dates have been on the upward trajectory. Also, the result revealed that from 2009 to 2011, the value of cheque payments was on the upward trajectory, while that of digital payment was on the downward trajectory. However, from 2012, except for 2017, 2020 and 2022, the value of cheque payments or transactions have been on the downward trajectory while that of digital payments or transactions have been on the otherwise. For the digital channels that is most used, the result was a mixed bag. From the study, the study recommends that infrastructure for effective and efficient operations of fintech should be improved upon in-order to enhance service delivery.