$301B - Not An Error
So many questions on my $301B number I mentioned in the Paystack post .
I have received about 15 messages asking for corrections. The Paystack update feed has some comments also. Let me address all here as today is electronics design.
If you clicked the Paystack post, the secondary source for that $301B is here .
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
That would take you to the primary source, Mastercard.com, where it notes "According to research done by The Fletcher School and Mastercard Center for Inclusive Growth, of the $301 billion of funds flows from consumers to businesses in Nigeria, 98 percent is still based on cash."
If you have a problem with the $301b, refer to Mastercard and Fletcher School for explanation. Both are very credible for me to quote them. I know many do not believe we are still 98% offline as at Feb 2018. Perhaps, the $301B is big: I doubt that if you check Nigeria's GDP which partly tracks that.
Unfortunately the National Bureau of Statistics has nothing to guide. The $301B is correct in the way used.
When online payment becomes cheaper, plus freebies like movie tickets, pizza, ice cream, airtime, etc, people will flock there.
I have not seen where it was successful to persuade people to use things that are costlier and complicated.
We don't want to treat the real problem, yet keep wishing for miracles.
