Nigeria has been rated to be the country with the greatest cash dominance in the world.

The nation got this rating due to records of 55% of its financial and commercial transactions being completed in cash in 2023.

On the bottom of the list is Norway, which has only 4.0% of its transactions being carried out in cash.

The reports indicate that cash remains the favourite option for Nigerian customers.

The Worldpay report "Global Payments Report 2024: How Consumer Choice is Changing Commerce" highlights that cash accounted for a double-digit percentage in 30 of the 40 markets examined.

A This Day report further revealed that in 2023, digital wallets overtook cash as the preferred payment method globally, accounting for 16% ($6 trillion) of global transaction value.

The report read: “In 2023, wallets accounted for 50 per cent of global e-com spend of more than $3.1 trillion and 30 per cent of global POS spend of more than $10.8 trillion.”

Additionally, the report predicted that in 2027, wallets would account for over $25 trillion in worldwide transaction value, or roughly 49% of all payments, and continue to expand at the quickest rate.