According to the Nigeria Inter-Bank Settlement System Plc (NIBSS), the volume of online transactions grew by 70% in February compared to January, a record month due to the botched cash redesign policy. This increase in transactions left most commercial banks struggle to keep up with the demand for electronic banking services.
Adeoti Salami, a GTBank customer, told TechCabal that during the cash crisis, which lasted almost four months, he could not access his money and that banks were too congested. “GTBank suffered several downtimes where I couldn’t log in. One time, it was almost the entire day.” An Access Bank customer, Martin Achimugu, told TechCabal, “For most of February and March, every time someone sent money to my account, I would not receive it until the next day or maybe two days later”.
While commercial banks struggled during the cash crisis, some fintech startups grew tremendously. Bashir Yusuf, the Director of Partnerships for OPay, told TechCabal…
