Access Bank: Why Cash Remains Indispensable in Nigeria's Digital Economy

The General Manager and Group Head of Retail Operations at Access Bank Plc, Mr Abraham Aziegbe, has said that despite significant growth in Nigeria’s digital payments infrastructure, cash remains essential in driving financial inclusion and ensuring operational efficiency across critical sectors of the economy. Aziegbe, who is also the Chairman of the Committee of Heads of Bank Operations (CHBO), made the remarks ahead of the 2026 Banking Operations Conference organised by the committee. He described the conference as timely, coming at a defining moment for Nigeria’s financial services industry. “As Nigeria deepens its digital payments infrastructure, cash remains an indispensable part of economic activity,” Aziegbe said, stressing that millions of Nigerians still rely heavily on physical cash for daily transactions, particularly in informal markets and underserved communities. According to him, the conference will focus on addressing the operational realities of cash management in a rapidly digitising economy and charting a future where cash systems are smarter, more efficient and better integrated with electronic payment platforms. “This conference is about confronting operational realities head-on and redefining how cash can coexist efficiently with digital systems,” he said. Also speaking, the Chairman of the Conference Planning Committee, Mr Tolulope Ogundipe, said the agenda had been carefully structured to deliver actionable outcomes for the banking industry. “This year’s theme reflects the industry’s shared responsibility to rethink cash beyond legacy processes,” Ogundipe said. “Our objective is to provide a platform where banks, regulators, switches and service providers can align on sustainable models for cash management in a digital-first era.” Ogundipe added that CHBO expects the conference outcomes to help shape industry thinking, inform policy conversations and support more resilient and forward-looking banking operations as digital adoption accelerates nationwide. He said registration details and programme highlights would be communicated to invited participants ahead of the event. Industry data reinforces the continued relevance of cash in Nigeria’s payment landscape. According to the Central Bank of Nigeria’s latest quarterly statistical bulletin, Nigerians withdrew a total of N36.34 trillion through automated teller machines between January and June 2025, representing a sharp increase of 197.66 per cent from the N12.21 trillion recorded in the same period o