Broadcasting
Are there Really Cashless Economies?
By Yvonne-Faith Elaigwu, Head of Operations and Governance, OnePipe
‘Cashless’ has probably become one of the most popular words in Nigeria in the last few months. While it can be defined in different ways, it has one universal meaning and is characterised by the exchange of funds for goods and services by methods other than the use of cash.
This little or no dependence on cash is not forced by an inability to queue for hours at an ATM or an unwillingness to pay an exorbitant fee to a PoS or mobile money agent. No, this little dependence on cash is because of the ability to meet financial obligations without necessarily needing to handle cash.
You are probably thinking about the western world and the level of development that makes this their reality but some very solid examples of cashless economies also exist in Africa.
One of the easiest ways to identify a Nigerian in Kenya for example (excluding the Naija-ness) is by how they transact. As a Nigerian visitor, you are very likely to pay in cash when you buy food, shop at a neighbourhood market, buy things from the roadside or visit a tourist centre. This alone – paying in cash everywhere – is more likely to scream “foreigner” than if you had worn a green-white-green Ankara at that time.
When the M-Pesa platform marked its 15 year anniversary last year, it had grown to more than 51 million customers, 465,000 businesses, 600,000 agents, and 42,000 developers across Kenya, Tanzania, Mozambique, the Democratic Republic of Congo, Lesotho, Ghana, and Egypt, as reported by Business Insider.
Ghana, our neighbours, digitised their economy with Mobile Money. The Bank of Ghana in its payment systems annual report for 2021, reported that its volume of Mobile Money transactions increased to 4.25 billion in 2021, representing a 47.1 percent growth, compared to 2020. Similarly, the total value of transactions increased to GH¢ 978.32 billion in 2021, from GH¢ 571.80 billion in 2020.
In dollar terms, the value of transactions in 2021 was $75 billion (based on current exchange rates). For perspective, Ghana’s GDP was $77.59 billion that same year. This essentially shows us mobile money transactions could cover the entire economic activities in Ghana (when currency devaluation over the past year is factored in).
The Carnegie endowment for international peace also referencing a BOG report, said in recent years, Ghana has been identified as one of the biggest mobile money markets and the fastest-growing one in Africa with 40.9 million accounts as at February 2021. Again, for context; the population of Ghana is 32.8 million. A Business Day report in 2019, noted that in Ghana, the utilisation of Mobile Money has become so ubiquitous, that it no longer has a wow effect, and is just a part of their everyday life. The average Ghanaian can go about his or her day and be productive without ever needing to transact with cash, just like their peers in Kenya and other countries where cash is increasingly less important.
Somalia’s journey to a cashless economy is perhaps the most inspiring. It is recorded that between 1990 and 2013, Somalia received no foreign direct investment, and the monetary system broke down with the collapse of the Somali Central Bank. The Somali government installed its first ATM in 2014, but the progress of its wider digital economy has been astonishing. The Somali Central Bank introduced a central payments system in August 2021 which connects the nation’s 13 lenders, and formalises digital payments, making payments easier for people across the country.
According to a report by the World Bank published in 2018, almost three-quarters of the Somali population aged 16 and older use Mobile Money. Somalia’s Gross Domestic Product, grew by an estimated 2.9 percent in 2019 and by 3.2 percent and 3.5 percent in 2020 and 2021 respectively. Eight years after the installation of their first ATM, Somalia is now recognized globally as a cashless economy.
Today, in its urban centres, Mobile Money penetration is over 80 percent. Even in rural areas, it has become the currency of choice, with a penetration rate of 55 percent.
Need we add examples of the western world? Maybe just a few.
In 2022, Merchant Machine ranked Norway on the list of 10 countries closest to a completely cashless society, with cash accounting for only 2 percent of all payments in Norway, 100 percent of its population owning a bank account, and 71 percent also owning a credit card.
It was followed by Finland with the same small percentage of cash-based payments ( 2 percent) and none of its citizens going without a bank account, then New Zealand also having two percent cash-based payments but a very slightly higher unbanked population of one percent.
The UK ranks lower at number eight due to a slightly smaller percentage of credit card users (65 percent) and higher percentage of unbanked population (3 percent). However, it sees less cash-based payments overall, with just 1 percent of all payments being made with notes and coins.
Now imagine a scenario where you navigate the city of Lagos without worrying about “change”, or whether the cash in your hand is not counterfeit or too worn out. Imagine not worrying about making any payments, not because you are a Dangote or because Otedola is your daddy, but because you have various payment options in your pocket or at your disposal; cards, phone, apps, USSD codes etc. More importantly, imagine that your transactions are happening within the banking ecosystem, your bank therefore has visibility into your spending patterns and is able to adequately profile you to access credit. Despite the promising future a cashless economy offers, the experiment in India has offered the rest of the world some lessons on how not to go about it. The Economic Times of India for instance, noted that after invalidating 86 percent of the currency in circulation (the 500 and 100 notes), the government started scrambling to promote digital payments, yet, only about half of Indian adults had bank accounts, and only about a quarter had internet access. Mobile payments were rare and even if everyone had wanted to go digital, they couldn’t have.
The lesson? Before going cashless, alternatives should not only be in place, but reliable too. India’s move towards going cashless has not been a complete failure but it came at huge human and economic loss.
An article on The Balance Money describes a cashless society as one where all transactions are electronic, using debit or credit cards or payment services like PayPal, Zelle, Venmo, and Apple Pay. In Nigeria, we have companies like OnePipe, offering technologies that digitise and simplify payment processing to downplay the dependence on cash.
Although not a lot of societies are truly cashless, many economists believe that consumer preferences, competitive pressures on businesses, profit seeking by banks, and government policies designed to facilitate cashless transactions will soon lead to more cashless societies which eventually lead to economic growth.
Afro-pop star Joeboy takes centre stage this week as he features on the Easter edition of African Voices, the Globacom-sponsored magazine programme on CNN.
In this episode, the Nigeria-born singer sits down with show anchor, Larry Madowo, in Lagos, where he shares the story of his journey from a young university student with big dreams to becoming one of Afrobeats’ most recognised voices.
Long before global attention, Joeboy, born Joseph Akinwale Akinfenwa-Donus, started out experimenting with music and sharing covers online. His 2017 cover of Ed Sheeran’s “Shape of You” marked a turning point, helping him transition fully into singing and setting the stage for what was to come.
That moment soon opened new doors, including a connection with Mr. Eazi, who brought him into the emPawa Africa talent programme. This provided support and exposure for his music to reach a wider audience, laying the foundation for his professional career. The alliance also birth “Fààjí,” which featured Mr. Eazi in 2018, after which he was signed to Warner Music Africa.
Under this partnership, Joeboy released his hit single “Baby” in 2019, followed by “Beginning,” which has 23 million views on YouTube. He also released “Love & Light” the same year and featured Mayorkun in the tracks “Don’t Call Me” and “All for You”
Since then, the 29-year-old has gone on to release two albums, Somewhere Between Beauty & Magic in February 2021 and Body & Soul in 2023, while earning recognition across the continent, including awards for his contributions to African pop music. He won Best Artist in African Pop at the 2019 All Africa Music Awards and Best Pop at the 2020 Soundcity MVP Awards Festival.
The programme will air on Saturday at 7.30 a.m., with several repeat broadcasts scheduled across the weekend and into the following week. 11 a.m. on Saturday; on Sunday at 3.30 a.m. and 6 p.m. This continues on Monday at 3 a.m. and 5.45 p.m, and on Tuesday at 5.45 p.m. The schedule will be repeated next week until 3 a.m. on Monday.
The Court of Appeal sitting in Abuja has dismissed an appeal filed by the National Broadcasting Commission (NBC), seeking to overturn a Federal High Court judgement that restrained it from imposing fines on radio and television stations across the country.
NBC
Delivering the lead judgement, Justice Oyebiola Oyewumi, on behalf of a three-member panel, upheld the earlier ruling and set aside the fines imposed by the NBC on 45 broadcast stations on March 1, 2019, for alleged breaches of the Nigeria Broadcasting Code.
The panel was presided over by Justice Abba Mohammed, with Justice Donatus Okorowo as the third member.
According to a statement issued by Idowu Adewale, Communications Officer of Media Rights Agenda (MRA), the unanimous decision of the Court of Appeal stemmed from a suit filed by the non-governmental organisation in November 2021, challenging the NBC’s powers to impose fines on broadcasters.
The Federal High Court, in its judgement delivered on May 10, 2023, by Justice James Omotosho, ruled in favour of MRA after the NBC failed to defend the suit.
The court held that fines are sanctions imposed on persons found guilty of criminal offences and, under Nigerian law, only courts of law have the authority to impose such penalties.
Setting aside the fines of ₦500,000 each imposed on the affected stations, Justice Omotosho stated that the NBC “is neither a court nor a judicial tribunal to make pronouncements on the guilt of broadcast stations, notwithstanding what the NBC Code says.”
He added that the Commission’s actions violated the Constitution.
Dissatisfied with the ruling, the NBC filed a motion in July 2023, urging the same court to set aside the judgement on the grounds that it lacked jurisdiction and had reached its decision without considering relevant facts.
However, in November 2023, Justice Omotosho dismissed the application, describing it as futile and an afterthought, noting that available evidence showed the Commission had been duly served but failed to appear in court to defend the case.
The NBC subsequently approached the Court of Appeal in July 2024, seeking to overturn the judgement.
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At the hearing on February 4, 2026, Mr Victor Ogude (SAN), leading Mr Kehinde Wilkey for the NBC, adopted his brief of argument and made additional submissions.
Counsel to MRA, Ezenwa Anumnu, also adopted his brief and responded accordingly.
In its ruling, the appellate court agreed with MRA’s position that the NBC, having failed to contest the suit at the Federal High Court, could not raise fresh challenges at the appellate level.
Justice Oyewumi held that the appeal lacked merit and accordingly dismissed it.
With this decision, MRA has secured victory in the first of two appeals involving the NBC over separate Federal High Court judgements barring the Commission from imposing fines on broadcast stations.
The second appeal, filed by the NBC against a similar judgement delivered on January 17, 2024 by Justice Rita Ofili-Ajumogobia of the Federal High Court, Abuja, is still pending. The Court of Appeal heard arguments in that matter on March 25, 2026 and has reserved judgement.
In that case, the NBC is challenging a ruling arising from a suit filed by MRA after the Commission imposed fines of ₦5 million each on a television station and three pay-TV platforms in 2022 for allegedly undermining national security through the broadcast of documentaries on banditry in Nigeria.
Dr.Shaibu Husseini, the Executive Director/Chief Executive Officer of the National Film and Video Censors Board (NFVCB), has called for stronger distribution frameworks within Nigeria’s film industry to ensure that locally produced content achieves global visibility.
He urged film festivals across the country to evolve beyond networking platforms into active marketplaces where filmmakers could secure distribution deals. He stressed that festivals must attract distributors, exhibitors, streaming platforms, and marketers to create tangible opportunities for filmmakers.
Husseini made this call while delivering the keynote address at the opening ceremony of the 2026 edition of the Coal City Film Festival held in Enugu.
“Film festivals must become gateways to distribution where filmmakers leave not just with applause, but with real opportunities,” he said.
Husseini expressed personal delight at hosting the event in Enugu, his birth state, noting the city’s rich cultural heritage and longstanding contribution to Nigeria’s creative landscape.
He commended the festival organisers, particularly the Festival Director, Uche Agbo, for their resilience and commitment in sustaining the
initiative. According to him, the Coal City Film Festival has grown into a significant cultural platform and a must-attend cinematic event in South East Nigeria.
Speaking on the festival’s theme, “Local Stories, Global Screens,” Husseini emphasised the importance of authenticity in storytelling. He noted that films rooted in local realities, languages, and cultural truth often resonate more strongly with global audiences.
He cited notable Nigerian productions such as King of Boys by Kemi Adetiba, The Wedding Party by Mo Abudu, Anikulapo by Kunle Afolayan,
“Black Book” by Editi Effiong, and “Lionheart” by Genevieve Nnaji as examples of culturally grounded stories that have gained international recognition on platforms such as Netflix and at global film festivals.
While acknowledging the growth in film production across Nigeria, the NFVCB boss identified distribution as a major bottleneck in the industry. He observed that many high-quality films struggle to reach audiences both locally and internationally due to limited distribution channels.
Reaffirming the Board’s commitment to industry development, Husseini stated that the NFVCB has continued to reposition itself as a partner in progress by engaging stakeholders, improving classification processes, and promoting a balance between creative freedom and social responsibility.
However, he raised concerns over increasing non-compliance with regulatory requirements, noting that some filmmakers bypass the Board by releasing unclassified films or operating without proper licensing.
He said all films and video works must be submitted to the NFVCB for classification and registration before being released on any platform, including digital platforms such as YouTube.
“This is a legal obligation, and the Board will not hesitate to take decisive action against defaulters,” he warned, adding that regulation is essential for protecting the industry, audiences, and national values.
Looking ahead, Husseini assured stakeholders of the Board’s continued collaboration with filmmakers and festival organisers to build a structured, sustainable, and globally competitive Nigerian film industry.
He concluded by commending the organisers of the Coal City Film Festival for their vision and contribution to Nigeria’s cultural economy, urging filmmakers to continue telling authentic stories that can resonate across global screens.
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