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.
A Federal High Court in Lagos has restrained the National Broadcasting Commission (NBC) from sanctioning or punishing broadcast stations and presenters over the expression of personal opinions, alleged bullying of guests, or failure to maintain neutrality on air.
NBC
Justice Daniel Osiagor granted the interim injunction following an ex parte application filed by the Socio-Economic Rights and Accountability Project (SERAP) and the Nigerian Guild of Editors (NGE).
The court specifically restrained the NBC, its officers, agents and affiliated persons from enforcing its recently issued “Formal Notice” or imposing sanctions, fines or penalties on broadcasters based on provisions of the 6th Edition of the Nigeria Broadcasting Code, pending the hearing and determination of the substantive suit.
SERAP and NGE had approached the court to challenge what they described as an arbitrary and unlawful move by the commission to punish broadcasters for allegedly expressing personal opinions as facts, bullying or intimidating guests, or failing to maintain neutrality during programmes.
The groups also asked the court to determine whether the provisions of the Nigeria Broadcasting Code relied upon by NBC were inconsistent with the 1999 Constitution, as amended, and Nigeria’s international human rights obligations.
The suit followed an April statement by the NBC in which it raised concerns over what it described as increasing violations of the broadcasting code across news, current affairs and political programmes.
The commission had warned that presenters who expressed personal opinions as facts or bullied guests during live broadcasts would be sanctioned.
However, Justice Osiagor, in his ruling, held that pending the hearing of the substantive matter, the commission must refrain from using the formal notice to threaten, sanction or punish broadcast organisations and on-air personalities under the contested code provisions.
The matter was adjourned until June 1, 2026, for hearing of the motion on notice.
Economic and Financial Crimes Commission (EFCC) has arraigned Metro Digital Limited before a Federal High Court in Port Harcourt over alleged cybercrime and unlawful interception and rebroadcast of content belonging to Multichoice Nigeria.
Metro Digital
The company was arraigned before Justice A.T. Mohammed on an amended four-count charge bordering on cybercrime-related offences and alleged illegal rebroadcast of protected broadcast content.
According to a statement issued on Wednesday by EFCC’s Head of Media and Publicity, Dele Oyewale, the prosecution counsel, Steve E. Odiase, informed the court that the matter was scheduled for arraignment.
However, defence counsel, S.A. Somairi (SAN), reportedly attempted to halt the proceedings by drawing the court’s attention to a pending preliminary objection.
The judge, however, declined the request and ordered that the plea be taken in line with Section 478 of the Administration of Criminal Justice Act (ACJA), 2015, which allows a corporation to enter a plea in writing through its representative.
One of the charges alleged that Metro Digital Limited, alongside its Managing Director, Ifeanyi John Nwafor, and a staff member, Ikenna Kanu, both said to be at large, conspired between 2015 and 2019 to unlawfully intercept and rebroadcast protected broadcast signals in Port Harcourt, Rivers.
Another charge alleged that the defendants intentionally and without authorisation intercepted and rebroadcast broadcast signals and devices, including tiger boxes and dongles, over which Multichoice Nigeria holds exclusive rights in Sub-Saharan Africa.
The anti-graft agency said investigations into the matter began in 2019 after Multichoice petitioned the commission, alleging that the illegal rebroadcast of its content caused significant financial losses.
Metro Digital Limited, through its representative, pleaded not guilty to all four charges.
Following the plea, prosecution counsel prayed the court to fix a date for trial.
Justice Mohammed subsequently adjourned the case until June 29 and June 30, 2026, for continuation of trial.
ipNX, one of Nigeria’s telecommunications and connectivity providers, successfully powered the Queen Esther Musical, presented by the Society for the Performing Arts in Nigeria (SPAN), reinforcing its role as a key enabler of innovation across industries through reliable, high-speed connectivity.
Held at Guiding Light Assembly, Parkview, Ikoyi recently, the Queen Esther Musical delivered a captivating blend of music, drama, and visual storytelling to a packed audience. Behind the scenes, ipNX’s advanced fiber-optic infrastructure played a critical role in ensuring seamless execution, supporting the production’s extensive technical requirements, from synchronized audiovisual systems to real-time digital enhancements that enriched the overall experience for the audience within the auditorium and on digital platforms.
As sophisticated technology integrates into live performances, the demand for stable, high-capacity bandwidth to deliver this experience to online audiences has become essential. ipNX provided technical support, delivering uninterrupted connectivity that enabled production teams to coordinate effectively and execute a technically complex show without disruption. The event served as a powerful demonstration of how telecommunications infrastructure can elevate creative expression and redefine audience engagement.
“Our involvement in the Queen Esther Musical reflects our commitment to powering experiences that matter,” said Akintunde Taiwo, Head of Sales, ipNX Retail. “This production broadcast required precision, speed, and reliability, all of which our network is designed to deliver. Beyond telecoms, we see ourselves as partners in progress across sectors, and this collaboration with SPAN highlights how our solutions can seamlessly support the creative industry just as effectively as we do small enterprises and critical services.”
For SPAN, the partnership translated into a production that fully leveraged technology to enhance storytelling and audience immersion.
“We were proud to collaborate with ipNX on the Queen Esther Musical,” said Sarah Boulous, Founder of SPAN. “The scale and ambition of this production required a technology partner we could rely on completely as we wanted audience to enjoy seamless streaming on the Zaia app. ipNX delivered exceptional bandwidth and stability, allowing us to integrate digital elements seamlessly and create a truly memorable experience. Their support played a significant role in bringing our creative vision to life.”
The Queen Esther Musical not only entertained but also illustrated the growing intersection between technology and the arts in Nigeria. ipNX’s role in powering the event highlights its broader mission to connect people, ideas, and industries and ensure that innovation is supported by infrastructure capable of meeting modern demands.
By bridging connectivity and creativity, ipNX continues to demonstrate that its impact extends far beyond traditional telecommunications, positioning the company as a trusted partner in shaping experiences across Nigeria’s evolving economic and cultural landscape.
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