Vunderkind
Social Member
It was really nothing more than a routine afternoon stroll in a Lagos shopping mall. Abiola Rasaq, a 30-year-old equity analyst, took some friends to lunch at Kentucky Fried Chicken and bought a few shirts.
What made the outing extraordinary was how he paid. In a country where all but 2 percent of transactions are carried out in cash, Rasaq pulled out a debit card, dispensing with the wads of notes that Nigerians have grown used to stuffing in their pockets after a decade of inflation averaging 11.9 percent.
“You didn’t have such experiences in the past,” said Rasaq, the head of research at Lagos-based UBA Capital Plc. (UBCAP) “I have issued fewer checks in the last 12 months and have paid for most of my shopping at formal stores with cards.”
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Source: Business Week
What made the outing extraordinary was how he paid. In a country where all but 2 percent of transactions are carried out in cash, Rasaq pulled out a debit card, dispensing with the wads of notes that Nigerians have grown used to stuffing in their pockets after a decade of inflation averaging 11.9 percent.
“You didn’t have such experiences in the past,” said Rasaq, the head of research at Lagos-based UBA Capital Plc. (UBCAP) “I have issued fewer checks in the last 12 months and have paid for most of my shopping at formal stores with cards.”
Click here to read more
Source: Business Week
