E-Financial
Cashless Payments Widening Gains on Cash Globally – Report
Some 471 billion cashless payments were made worldwide in 2015, an increase of 52 percent since 2011, according to the RBR report, Global Payment Cards Data and Forecasts to 2021.
During the same period, ATM cash withdrawals increased at a slower rate of 33 percent as consumers increasingly migrate from cash to alternative payment methods.
According to RBR, payment cards accounted for 55 percent of cashless payments in 2015 (up from 50 percent in 2011) and represented the largest share of payments in all regions except Asia-Pacific.
The predominance of cards is driven by their common use for retail payments; government and banking community campaigns promoting card use in less-developed markets are making this more widespread.
Cards are often used for comparatively low-value purchases in these markets and so represent a mere 2 percent of the value of all cashless payments in 2015.
The RBR study shows that the share of credit transfers has also increased. They tend to be used for high-value payments, such as salaries and business-to-business payments, and account for 89 percent of the value of cashless payments. Credit transfers are the most frequently used cashless payment instrument in China, where they are a common means of payment for online shopping.
Direct debits are increasing at a steady pace, although their share of cashless payments has fallen since 2011. They are used for recurring payments such as mortgages, rent and utility bills, with particularly high use in western Europe.
The use of checks continues to plummet, accounting for 4 percent of global cashless payments in 2015, down from 10 percent in 2011. RBR found that, even in countries where checks are still relatively common, use is in decline. In the United States, for example, the number of check payments in 2015 was 40 percent below 2011 levels.
“The soaring use of contactless cards for low-value payments as well as immediate payment initiatives, which will facilitate person-to-person mobile payments, will further displace cash usage over the coming years,” said RBR’s Chris Herbert.
Kuda Microfinance Bank partnered with Lovers & Frnds for a Valentine’s edition event on Sunday, February 15, at Space Hub Lekki, Lagos, redefining celebrations around love, friendship, and social connections beyond romance.
Kuda Bank
The R&B-themed gathering drew couples, friend groups, and solo attendees with music sets from DJs like TGarbs, games, gift exchanges, and colour-coded tags—red for relationships, yellow for mingling singles, orange for non-minglers—to spark easy interactions.
Kuda activated a branded photo booth, merchandise giveaways, prize activities, and complimentary drinks for Premium loyalty tier customers, while vendors used Kuda Business POS terminals for seamless cashless payments.
Senior Brand Manager Emmanuel Femi-Adejobi said: “We partner with experiences matching our customers’ lifestyles in music and entertainment, creating spaces they genuinely connect with—we’ll keep supporting how they live and celebrate.”
Central Bank of Nigeria (CBN) has lowered its Monetary Policy Rate (MPR) by 50 basis points to 26.50 percent from 27 percent, a unanimous decision announced by Governor Olayemi Cardoso at the end of the 304th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
CBN
Cardoso cited 11 straight months of decelerating headline inflation—reaching 15.10 percent in January 2026 per National Bureau of Statistics—as key, driven by prior tightening lags, naira stability, food supply gains, steady petroleum prices, export earnings, remittances, and balance of payments strength.
Liquidity ratio stays at 30 percent, CRR unchanged at 45 percent for commercial banks (16 percent merchant banks) and 75 percent non-TSA public deposits; standing facilities corridor now +50/-450 basis points around MPR.
The MPC retained other parameters, welcoming Executive Order 09 redirecting oil/gas revenues to the federation account for fiscal boost, last cutting rates in September 2025 after November’s hold.
Abiodun Olokunjuwon, a retired civil servant based in Ibadan has instituted a N50 million lawsuit against Moniepoint Microfinance Bank at the Oyo State High Court, alleging that the fintech company opened unauthorized bank accounts in her name without her knowledge or consent.
Filed in February 2026, the suit is among the first significant cases testing the enforcement of the Nigeria Data Protection Act 2023 against a Nigerian fintech institution.
According to the statement of claim, the plaintiff became aware of the alleged unauthorized accounts only after her legitimate bank account was restricted pursuant to a garnishee order linked to a debt she denies incurring.
The restriction reportedly prevented her from accessing funds needed for essential transactions.
The claimant alleges that Moniepoint opened two separate accounts in her name using her National Identification Number (NIN) and Bank Verification Number (BVN) without proper authorization or verification.
Following the discovery, she submitted a Data Subject Access Request (DSAR) under the NDPA 2023. Documents allegedly provided by the bank, according to the suit, revealed significant verification lapses.
The plaintiff claims the accounts were opened using falsified documents, including what she describes as a fake NIN slip and contact information unrelated to her.
She further alleges that the accounts listed a Lagos residential address where she has never lived.
The suit contends that Moniepoint failed to implement adequate identity verification and address confirmation procedures before creating and operating the accounts. It further alleges breaches of statutory obligations under the NDPA 2023, including:
- Failure to ensure personal data processed was accurate and lawfully obtained
- Failure to implement appropriate technical and organizational security measures
- Failure to prevent unauthorized or fraudulent processing of personal data
The claimant maintains that these alleged lapses resulted in serious personal and financial harm.
The plaintiff is seeking N50 million in damages for emotional distress, health complications, and disruption to her financial life.
She is also asking the court to order the permanent closure of the allegedly unauthorized accounts.
No date has been fixed for hearing on the matter.
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