E-Financial
Visa-Commissioned Study Estimates Migration to ePayments Added $300Bn to GDP Across 70 Countries
Visa Inc. on Thursday released the results of a new 2016 study conducted by Moody’s Analytics that analyzed the impact of electronic payments on economic growth across 70 countries between 2011 and 2015.
The Visa-commissioned study found that increased use of electronic payment products, including credit, debit and prepaid cards, added US$296B to GDP, while raising household consumption of goods and services by an average of 0.18 percent per year.
In addition, Moody’s economists estimate that the equivalent to 2.6 million new jobs were created on average per year over the five year period as a result of increased use of electronic payments.
The 70 countries in the study make up almost 95 percent of global GDP.
“Electronic payments are a major contributor to consumption, increased production, economic growth and employment creation,” noted Mark Zandi, chief economist of Moody’s Analytics. “Those countries which saw large increases in card usage also saw larger contributions to overall growth in their economies.”
Findings from the study were shared in the report “The Impact of Electronic Payments on Economic Growth” which also indicated that the electronification of payments benefited governments and contributed to a more stable and open business environment.
Additionally electronic payments helped to minimize what is commonly referred to as the grey economy — economic activity that is often cash-based and goes unreported.
As a result, electronic payments provided a higher potential tax revenue base for governments, while also bringing the added benefits of lower cash handling costs, guaranteed payment to merchants and greater financial inclusion for consumers.
”These findings reinforce the many positive benefits that electronic payments bring to local economies all over the world,” said Charlie W. Scharf, Chief Executive Officer, Visa Inc. “This research also suggests that the right public policies can create an open, competitive payment environment, and contribute to economic growth and job creation. At Visa we are partnering globally with governments, financial institutions, merchants and technology companies to develop innovative payment products and services that will accelerate electronic acceptance, grow commerce, and bring the benefits of card payments to more people everywhere.”
Highlights of the global study include:
Growth Opportunities:
Card Penetration: Real consumption grew at an average of 2.3 percent from 2011 to 2015, of which 0.01 percent is attributable to increased card penetration.
This implies that card usage accounted for about 0.4% of growth in consumption.
Since consumption growth is, on average, faster in emerging economies, those countries also have more to gain by increasing card usage.
Card Usage: Countries with the largest increases in card usage experienced the biggest contributions in growth. For example, big increases in GDP were recorded in Hungary (0.25%), the United Arab Emirates (0.23%), Chile (0.23%), Ireland (0.2%), Poland (0.19%) and Australia (0.19%).
In most countries, card usage increased regardless of economic performance.
Contribution to Employment:
Increased card usage added the equivalent to almost 2.6 million jobs on average per year across the 70 countries sampled between 2011 and 2015.
Notably, the two countries with the greatest average job increases were China (427,000 jobs added) and India (336,000 jobs added), which both had large gains in employment because of the combination of fast growing labor productivity and increased card usage.
Emerging Markets and Developed Countries:
Both emerging markets and developed countries experienced gains in consumption due to higher card usage.
Increased card usage added 0.2 percent to consumption in emerging markets, compared with 0.14 percent in developed countries between 2011 and 2015.
The corresponding figures for GDP were 0.11 percent for emerging economies and 0.08 percent for developed countries, and suggests that all markets, regardless of current card penetration rates, can benefit from increases in consumption due to increases in card usage.
Potential Future Growth:
Across the 70 countries in the study, Moody’s found that each 1% increase in usage of electronic payments could produce, on average, an annual increase of approximately $104 billion in the consumption of goods and services.
Assuming all future factors remain the same, this could result in an annual average increase of 0.04% to a countries GDP attributable to card usage.
The study highlights that expanding electronic payments alone will not necessarily increase a country’s prosperity — it requires the support of a well-developed financial system and healthy economy to have the greatest impact.
The report recommends at a macro-level, to encourage the further electronification of payments, countries must promote policies that minimize unneeded regulation, create a robust financial infrastructure, and lead to greater consumption.
Regional highlights include:
Contribution to GDP
African countries experienced, on average a 0.05% increase in GDP due to increased card penetration.
Many African countries are in the early stages of developing their financial systems with appropriate infrastructure to support electronic payments.
In the coming years, the increase in the use of mobile phone technologies to make payments is expected to increase electronic payments penetration.
Increased electronic payment usage added US$640,000,000 to Nigeria’s GDP from 2011 to 2015.
Contribution to Jobs
African countries had the second lowest average number of jobs added per year from increased card usage (8,000), which is not surprising given the region’s low usage rates and developing financial infrastructure to facilitate electronic payments.
Increased electronic payment usage created the equivalent to an average of 16,880 jobs in Nigeria per year between 2011 and 2015.
Cybercriminals have developed a new Android malware that can turn victims smartphones into a bridge for stealing bank card information and carrying out contactless payment fraud, cybersecurity researchers have warned.
The malware, identified as WindRelay, operates in conjunction with a known remote-access trojan, SpyNote, to capture live information exchanged between a physical bank card and an Android phone via Near Field Communication (NFC).
NFC is the short-range technology that enables contactless payments when a bank card or smartphone is tapped against a payment terminal.
According to cybersecurity firm Group-IB, WindRelay was detected in the wild in August 2025 and has been used in a social-engineering scheme targeting victims in Czechia, Slovakia and Slovenia.
Meanwhile, the fraud begins with a phone call, text message or other communication in which criminals pretend to be bank officials.
The victim is persuaded to install an application, often personalised with the victim’s name, and once installed, SpyNote gives the criminal remote access to the phone and can silently install WindRelay, with the victim then tricked into placing a physical bank card against the infected smartphone, supposedly for identity verification, PIN change, or account resolution.
WindRelay reads the card’s NFC signals and sends the information in real time to another device controlled by the criminal, with such a device then imitating the victim’s card at a payment terminal or ATM, as the victim’s smartphone becomes a wireless bridge between the victim’s bank card and the criminal’s device.
Group-IB said it identified 23 WindRelay samples uploaded to VirusTotal between November 2025 and July 2026, with the malware samples impersonating financial institutions in Czechia, Slovakia and Slovenia.
Meanwhile, the development adds to existing concerns over the use of mobile devices in cybercrime and financial fraud in Nigeria.
In June, the Nigeria Computer Emergency Response Team (ngCERT) issued an advisory on IPIDEA malware and malicious residential proxy networks, warning that the malware could hijack consumers internet connections and use compromised devices as part of criminal proxy networks.
While the ngCERT advisory concerns a different malware and attack method, both incidents highlight a growing risk: ordinary smartphones and connected devices can be secretly turned into tools for cybercriminals.
This is particularly relevant as Nigerians increasingly rely on smartphones for mobile banking, digital payments and other financial services.
Consequently, cybersecurity experts have advised users not to install applications sent through unsolicited calls, text messages or links, especially when the sender claims to represent a bank, as users should also be suspicious of requests to place payment cards against smartphones for supposed account verification.
The Securities and Exchange Commission (SEC) has cleared additional Virtual Asset Service Providers (VASPs) for admission into its Accelerated Regulatory Incubation Programme (ARIP).
Among the newly cleared is BC Access Nigeria Limited (Blockchain), marking an important step in the company’s long-term commitment to Nigeria and its broader expansion across Africa.
Nigeria is one of Africa’s most important digital asset markets, where crypto increasingly plays a practical role in how people access, hold and move.
Value Admission into ARIP means Blockchain has satisfied the SEC’s initial requirements to participate in the programme and is authorised to operate within its defined sandbox scope, subject to the Commission’s ongoing compliance obligations, testing parameters, and regulatory conditions.
Through ARIP, Blockchain can work directly with the SEC as the Commission evaluates digital asset business models, tests. appropriate safeguards and develops its long-term regulatory framework for the market.
Speaking, General Manager for Africa, Blockchain, Owen Odia, said: “Nigeria is one of Africa’s most important digital asset markets and participating in the SEC’s ARIP is an important step forward in our long-term commitment to the country.
“The programme gives us the opportunity to work directly with the SEC in a controlled environment, bring our global experience to the Nigerian market and help support a framework that protects consumers while enabling responsible innovation. We appreciate the SEC’s proactive approach and look forward to contributing to a safe, transparent and well-regulated digital asset ecosystem.”
Blockchain’s participation in ARIP forms part of a broader global strategy to engage constructively with regulators and build within established regulatory frameworks.
Over the past year, Blockchain has secured several formal licenses and registrations globally, including the UK Financial Conduct Authority (FCA), EU Markets in Crypto-Assets (MiCA), and Cayman Islands Monetary Authority (CIMA) Virtual Asset Service Provider (VASP) License. Participating in Nigeria’s ARIP sandbox builds on that experience, bringing global standards in compliance, security and consumer protection to its local operations.
For Blockchain, ARIP provides a structured environment to test services for the Nigerian market, strengthen consumer protections and work directly with regulators and local stakeholders.
The company sees Nigeria as an important market in its African strategy, with strong existing demand for digital assets and an increasingly clear regulatory pathway for responsible operators. The company’s strategy materials specifically identify Nigeria as an important market for its African expansion.
ARIP was established by Nigeria’s SEC as a controlled regulatory sandbox for VASPs and fintech innovators. The programme allows the SEC to observe live applications of digital asset technologies, study operational risks, and establish tailored investor protection and anti-money laundering (AML) standards before final regulatory rules are codified.
Blockchain is pleased to participate in ARIP as we work alongside regulators to support responsible innovation, consumer protection and market integrity.
Founded in 2011, Blockchain is one of the world’s longest-standing digital asset companies with more than 95 million wallets, more than 44 million confirmed accounts and over $1.2 trillion processed.
Leadway Assurance has unveiled the Leadway Lifetime Plan, a one-of-a-kind whole-of-life insurance solution designed to extend financial protection beyond the immediate household to the wider family circle.
The newly introduced plan unveiled at a press briefing in Lagos reinforces Leadway’s commitment to building lasting financial security, preserving wealth, and delivering meaningful, long-term protection for the people who matter most.
The Leadway Lifetime Plan responds to the increasingly complex financial responsibilities faced by many working adults, particularly members of the Sandwich Generation individuals who simultaneously provide financial support for ageing parents while raising children and planning for their future.
With family responsibilities now extending beyond the traditional nuclear household, the Leadway Lifetime Plan is designed to offer broader, long-term protection that reflects the realities of modern Nigerian families.
Speaking on the new insurance plan, Olufunmilayo Amanwa, executive director, Technical & Operations, Leadway Assurance, said the product reflects the insurer’s recognition that family structures and financial responsibilities are evolving, and that insurance solutions must evolve with them.
“Financial responsibility no longer stops at the nuclear family. Today, one individual may be supporting children, a spouse, ageing parents, and in some cases, parents-in-law or siblings, all at once. That reality demands a different approach to protection.
The Leadway Lifetime Plan was built around this reality. It gives customers a way to extend continuous protection to the extended family, ensuring the people who depend on them are covered, while also delivering meaningful benefits to policyholders within their own lifetime. This is the Leadway way, designing solutions that respond to how people actually live, not recycling old products with new names”
Beyond traditional life protection, the Leadway Lifetime Plan incorporates a range of living benefits designed to provide financial support during critical stages of life.
Following five years of complete premium payment and subject to the policy terms, the policyholder and spouse may access up to 50 per cent of their current sum assured upon diagnosis of a covered critical illness. This benefit can provide valuable financial support at a time when a serious health event may place pressure on income, savings and overall household stability.
The plan also provides greater long-term financial flexibility. Eligible policyholders may access up to 50 per cent of the policy value for significant life goals after the premium payment term plus five years, subject to applicable policy conditions.
While Leadway’s existing Family Benefit Plan provides family-focused whole-life protection, the Lifetime Plan has been developed as a more expansive, multi-generational solution that combines lifelong protection with financial value that can be accessed during the policyholder’s lifetime.
Explaining the thinking behind the product, Rosetta Aryeetey, head, Life Underwriting and Life Business, Leadway Assurance said the solution was developed around the changing needs of customers. “The starting point for the Leadway Lifetime Plan was the customer.
We looked closely at how families are structured Today, how financial responsibilities are shared and the challenges customers face when they are responsible for several generations at the same time. What emerged was a need for a solution that does more than pay a benefit after death. Customers need protection for the people who depend on them, but they also need support when critical life events occur and flexibility as their financial priorities evolve.”
She added that the combination of multi-life protection, living benefits, long-term value and flexibility makes the Lifetime Plan relevant across different stages of a customer’s financial journey.
The plan also offers flexibility to enhance financial protection over time through an Escalation of Sum Assured feature. This allows customers to increase their benefits by a fixed percentage, giving them the flexibility to align their level of protection with their evolving financial needs and circumstances.
With the launch, Leadway Assurance is reinforcing its commitment to developing insurance solutions that respond to real-life needs while helping families build resilience, preserve financial stability and create lasting legacies.
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