“One of the trends that will come out of this is the world moving toward a more digital financial system.”
When Lagos went into lockdown last month, banks in Nigeria’s bustling financial hub shut their doors. But many agents who offer financial services informally, crucial commerce for the city’s impoverished communities, continued to work using mobile payment apps on their phones, helping customers transfer money and pay bills.
As the coronavirus spreads, businesses and governments, struggling under the weight of the pandemic, are looking to limit cash exchanges, which the World Health Organization has warned could transmit the virus. Mobile money hasCompanies and industry experts told The Washington Post they have seen overall rises in new mobile money users globally over the past six weeks, even as the total value of transactions has fallen amid economic duress.
Despite the pandemic and shutdowns, the industry is still making inroads. Over the past two months, Paga doubled to some 14,000 the number of merchants, such as restaurants and shops, that accept payments on the platform, Oviosu said. The company says it has also seen a more than 200 percent quarterly increase in users.
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