20This was disclosed when
According to the report from the company "Both the financially excluded and financially underserved still live within a cash economy. Instead of benefiting from bank account features like direct debits, internet banking or buying discounted goods online, the bulk of excluded and underserved Nigerians use cash to pay for everyday items such as telecommunication (93 percent), clothing (92 percent), transportation (91 percent) and food (73 percent).
Though cash as a payment method remains prevalent, there are strong concerns about the safety and security in carrying cash. 56 percent said that the main benefit of a bank account is that it is safer than keeping cash at home. Another benefit of banks is the interest that they offer."
Omokehinde Ojomuyide, Vice President and Area Business Head,
In testing whether prepaid cards would appeal to the unbanked and under-banked, the research showed that 66 percent thought that prepaid cards were "unique and different", 60 percent said that prepaid cards were "relevant", and 58 percent said they are likely to apply for a prepaid card.
While 65 percent of the respondents have heard of prepaid cards, none have used them. Interestingly, once educated about the concept, 53 percent of all respondents recognised that they would benefit from prepaid cards by not having to carry cash, while 26 percent acknowledged that prepaid cards would help them keep control of their spending.
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