As African governments utilise digital platforms to give succour to their citizens via safety nets, there is going to be exponential increase in e-payment adoption across the continent, Ecobank Group CEO, Ade Ayeyemi, has said.
According to Ayeyemi, who disclosed this on Monday during the Blomberg virtual conference, Invest Global: Weathering Market Turbulence in the age of COVID 19, the governments’ action has helped to accelerate the acceptance of electronic payment among the people and also made them get accustomed to it.
He explained that COVID 19 has been accelerating financial inclusion on the continent as weaned people off old payment system..
His words: “Cashless society is accelerating in Africa through the pandemic. COVID 19 is the greatest accelerator of our time. We are going to have more and more of digital transactions.In one of the countries, banks were closed within 48 hours. People quickly switched over to ATM channel. Before COVID 19, 90 per cent of our transactions were digital, while the remaining 10 per cent was physical. But during COVID 19 (lockdown), we saw 95 pr cent of our transactions done through digital means, while only five per cent was physical where branches are still open.
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