Nigerian money agents give banks run for cash

Mobile money agents thrive in Nigeria, even on streets filled with banks. With over two million agents, they handle most daily transactions, holding a significant portion of the nation's cash outside the formal banking system. This challenges the central bank's control over inflation and currency, despite high interest rates.

Dec 15, 2024 - 06:00

Nigerian money agents give banks run for cash

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Mobile money agents thrive in Nigeria, even on streets filled with banks. With over two million agents, they handle most daily transactions, holding a significant portion of the nation's cash outside the formal banking system. This challenges the central bank's control over inflation and currency, despite high interest rates.