Nigerians Bury Cash in Backyards as Mobile Money Stumbles

Friday, July 20, 2018

By Yinka Ibukun, Mustapha Muhammad and Emele Onu

Every few days, Tasiu Abdurrahman takes the money he makes from selling spices in Nigeria’s biggest northern city and buries it in his yard.

The 55-year-old closed his bank account eight years ago after growing disillusioned with standing in long lines for hours to deposit or withdraw cash. Abdurrahman is one of about 50 million of the unbanked in Nigeria, which despite having Africa’s largest mobile-phone market, is only just opening up to the technology to bring banking to its estimated 200 million people.

“My business partners need cash,” said Abdurrahman as he juggled two mobile phones at his ginger and tamarind stand, one of many dotting the streets in Kano. “If they all opened bank accounts, I would be happy to.”

Photo courtesy of Cheri Blair Foundation.

Source: Bloomberg (link opens in a new window)

financial inclusion, fintech, mobile finance