Dear Subscriber,

Consumer is king

Nigerian consumers have taken matters into their own hands. They now prefer to hold cash for transactions motive rather than deposit it into the banks. Confidence in the banking system has fallen to its lowest level since the Naira redesign project of 2023. Consequently, the value of currency outside banks has surged by a staggering 358.91% to N3.63trn. The payment and settlement system is coping with a higher volume of transactions and velocity of circulation of money.

Every cloud has a silver lining

A cashless society is no longer a far-off dream but a looming reality. Today, countless financial activities unfold without physical currency. While going cashless raises concerns about cyber threats, it also promises to smother transactions and increased economic activity. As William Clement Stone famously remarked, “To every disadvantage, there is a corresponding advantage.” In this edition’s lifestyle section of the Unity Bank digest, we delve into the pros and cons of a cashless society.

This edition of the Unity Bank Digest provides a comprehensive analysis of these economic trends and engaging lifestyle and entertainment stories for your reading pleasure.

Enjoy your read!