Despite the rapid advancement of Nigeria’s digital payment systems, cash continues to play an indispensable role in driving financial inclusion and ensuring operational efficiency across vital economic sectors. Mr Abraham Aziegbe, General Manager and Group Head of Retail Operations at Access Bank Plc, highlighted this crucial point, emphasizing that cash is far from obsolete. He made these remarks in anticipation of the upcoming 2026 Banking Operations Conference, an event he described as exceptionally timely given the current transformative phase of Nigeria’s financial services industry. Aziegbe reiterated that as Nigeria’s digital payment infrastructure matures, cash remains a fundamental component of economic activity. Millions of Nigerians still depend heavily on physical currency for their everyday transactions, particularly within informal markets and in communities that are less connected to digital networks. The conference aims to confront these operational realities directly, seeking to redefine how cash can coexist efficiently and effectively with digital systems. It is about charting a future where cash systems are not only smarter and more efficient but also better integrated with the burgeoning electronic payment platforms. Mr Tolulope Ogundipe, Chairman of the Conference Planning Committee, elaborated on the conference’s agenda, stating it has been meticulously structured to yield practical and actionable outcomes for the banking industry. This year’s theme, he noted, reflects the collective responsibility of the industry to reconsider cash beyond its traditional, legacy processes. The primary objective is to establish a platform where banks, regulatory bodies, payment switches, and service providers can converge and align on sustainable models for managing cash in an increasingly digital-first environment. Ogundipe anticipates that the conference’s deliberations will significantly shape industry discourse, inform policy discussions, and bolster more resilient and forward-thinking banking operations as digital adoption accelerates nationwide. Specific details regarding registration and the program will be shared with invited participants soon. Supporting this perspective, industry data consistently underscores the ongoing relevance of cash in Nigeria’s diverse payment ecosystem. For instance, according to a recent quarterly statistical bulletin from the Central Bank of Nigeria, Nigerians withdrew a staggering N36.34 trillion through automated teller machines between January and June 2025. This figure represents a substantial increase of 197.66 percent compared to the N12.21 trillion withdrawn in the corresponding period of the previous year, underscoring the continued demand for physical currency. The upcoming Banking Operations Conference is expected to delve deeper into these dynamics, exploring innovative solutions for cash management in a rapidly evolving financial landscape. Attendees will gain insights into best practices for integrating cash and digital payment channels, ensuring that no segment of the population is left behind. The discussions will also likely touch upon the security aspects of cash handling and the role of technology in enhancing its efficiency and accessibility. This focus on practical solutions is critical for maintaining financial stability and promoting economic growth in Nigeria. The conference provides a vital forum for stakeholders to collaborate and address the challenges and opportunities presented by the coexistence of cash and digital payments. By fostering dialogue and sharing knowledge, the event aims to contribute to a more robust and inclusive financial system for all Nigerians. The insights gained from the conference will be instrumental in shaping future strategies for cash management and digital finance.
