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Digital Chaos: The Cost of Nigeria's Payment Failures


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52% of Nigerian businesses suffered payment breakdowns in 2024, which is a shocking number for this emerging market. Disruptions in transaction processing, such as failed transfers, delays, or system outages, often due to infrastructure challenges, regulatory hurdles, or high transaction volumes all affect business bottom lines directly, but also investors and client trust.



Fraud losses soared to N52.26 billion, a 350% rise since 2020, while transaction volumes skyrocketed to N1.07 quadrillion, overwhelming legacy systems and slowing the economy. At the same time, Nigeria’s debt jumped 22.8% to N149.4 trillion, and inflation pushed companies to digitise without building resilience.



Companies today discover too late how a single failed transaction can destroy both their cash flow and reputation. Without a dedicated payment and banking strategy and a Chief Payments Officer owning the process, companies risk losing control of their revenue and future.


 
 
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