{"id":24914,"date":"2024-01-09T09:37:35","date_gmt":"2024-01-09T09:37:35","guid":{"rendered":"https:\/\/www.aigmediapro.tv\/?p=24914"},"modified":"2024-01-09T09:37:39","modified_gmt":"2024-01-09T09:37:39","slug":"atm-usage-among-nigerians-dropped-by-30-in-2023-kpmg-report","status":"publish","type":"post","link":"https:\/\/www.aigmediapro.tv\/atm-usage-among-nigerians-dropped-by-30-in-2023-kpmg-report\/","title":{"rendered":"ATM usage among Nigerians dropped by 30% in 2023 \u2014KPMG report"},"content":{"rendered":"\n
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A new report from KPMG reveals that weekly ATM usage among Nigerians dropped from 70percent in the past few years to 40 percent in 2023.<\/p>\n\n\n\n

The report titled \u201cIn Pursuit Value\u201d surveyed customers of Nigerian and Ghanaian banks and curated their experiences during the year 2023.<\/p>\n\n\n\n

According to the survey, ATM usage in Nigeria has witnessed a notable decline due to the regular unavailability of cash in many stations.<\/p>\n\n\n\n

It further stated that the medium digital transactions dropped from the top to outside the top ten in the survey.<\/p>\n\n\n\n

\u201cCurrently, four in ten customers report weekly ATM usage, a notable decline from the previous seven in ten over the last few years. This decline in ATM us- age coincides with a significant rise in agency banking usage, with six in ten customers frequenting bank agents every week\u201d<\/p>\n\n\n\n

The report further noted that the rise in agency banking emphasises the continued popularity of cash, underscoring customers\u2019 quest for more readily available cash options, primarily driven by the popularity of bank agents across the nation.<\/p>\n\n\n\n

Furthermore, the survey noted that payment via digital mediums rose by 52percent in 2023 between January and October according to NIBSS data.<\/p>\n\n\n\n

It explained that the spike in digital payments was triggered by the cash crunch occasioned by the CBN\u2019s naira redesign policy in the first quarter of 2023.<\/p>\n\n\n\n

\u201cConsequently, digital payments surged, marking a notable 52percent increase in total NIBSS Instant Payment (NIP) transactions by October 2023 compared to January of the same year. This was triggered by the Central Bank of Nigeria\u2019s initiative to overhaul the Naira, aiming to regulate cash circulation and reduce reliance on physical currency.\u201d<\/p>\n\n\n\n

It further explained that the rise in digital payment overwhelmed Tier-1 banks with multiple cases of transaction failure but fintechs such as Opay, PalmPay, and Moniepoint rose to the challenge leading to a significant change in customers\u2019 preferences.<\/p>\n\n\n\n

According to the survey, 58 percent of respondents switched banks or had reasons to change to fintechs during the period. This presents a radical shift from the 15 percent who switched banks in 2022.<\/p>\n\n\n\n

Also, around 13 percent of retail banking respondents now rely on fintech for their primary banking needs from the four percent who made the switch in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new report from KPMG reveals that weekly ATM usage among Nigerians dropped from 70percent…<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,1],"tags":[1799,6810,6811,6809],"_links":{"self":[{"href":"https:\/\/www.aigmediapro.tv\/wp-json\/wp\/v2\/posts\/24914"}],"collection":[{"href":"https:\/\/www.aigmediapro.tv\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aigmediapro.tv\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aigmediapro.tv\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aigmediapro.tv\/wp-json\/wp\/v2\/comments?post=24914"}],"version-history":[{"count":1,"href":"https:\/\/www.aigmediapro.tv\/wp-json\/wp\/v2\/posts\/24914\/revisions"}],"predecessor-version":[{"id":24916,"href":"https:\/\/www.aigmediapro.tv\/wp-json\/wp\/v2\/posts\/24914\/revisions\/24916"}],"wp:attachment":[{"href":"https:\/\/www.aigmediapro.tv\/wp-json\/wp\/v2\/media?parent=24914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aigmediapro.tv\/wp-json\/wp\/v2\/categories?post=24914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aigmediapro.tv\/wp-json\/wp\/v2\/tags?post=24914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}