Unity Bank Plc's gross earnings recorded consistent growth between 2011 and 2017
Unity Bank's gross earnings nearly doubled between 2011 and 2017 before sharply declining in 2018. The bank never hit its 2017 gross earnings record of ₦57.1b after 2018.
Digital wallets are the fastest-growing e-commerce payment method in Nigeria, set to double from 11% in 2023 to 22% by 2027.
A2A transfers remain the dominant payment method, slightly increasing from 32% to 34%, showing continued reliance on direct bank-to-bank transfers.
Cash-on-delivery is becoming less relevant, dropping from 15% in 2023 to just 9% in 2027, signaling a shift away from cash-based transactions.
Both debit card and credit card payments are declining, with debit cards dropping from 19% to 16% and credit cards falling from 15% to 12%, suggesting a changing balance in card preferences.
Prepaid cards and buy now, pay later (BNPL) solutions remain relatively small players in the Nigerian e-commerce space, with minimal growth.
Among all the 40 countries studied in the report, Nigeria leads the decline in cash transactions, dropping from 91% in 2019 to 55% in 2023, a sharper decline than any other country analysed.
By 2027, Nigeria’s cash transactions are projected to fall to 42%.
Mexico, Thailand, and Japan are also experiencing significant declines, with cash transactions expected to drop below 35% in all three countries by 2027.
Brazil, which started with a relatively lower cash transaction rate (48% in 2019), is on track to become one of the least cash-dependent nations in this group, with just 12% of transactions expected to be cash-based by 2027.
The global average for cash transactions was already low at 26% in 2019, and it is set to decline further to just 11% by 2027, making cash an increasingly rare payment method worldwide.
Germany, a traditionally cash-friendly economy, has seen a major drop, with cash transactions decreasing from 50% in 2019 to a projected 29% by 2027, reflecting broader changes in consumer behavior.