How To Get Cash In Nigeria

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How to Get Cash in Nigeria: A Comprehensive Guide

Nigeria is a country with a population of over 200 million people and a fast-growing economy. Despite this, many Nigerians still struggle to make ends meet and face daily challenges in accessing cash when they need it the most. Whether it's for personal expenses or business ventures, having access to cash is crucial for survival in Nigeria. This guide will provide you with practical tips on how to get cash in Nigeria, no matter your situation.

Understanding the Cash Economy in Nigeria

Nigeria operates on a cash economy, which means that most transactions are conducted using cash. This is due to a lack of trust in electronic payment systems and a preference for physical transactions. As a result, it's essential to understand the different options available for accessing cash in Nigeria.

Banks and ATMs

Banks are the most common way to access cash in Nigeria. Most banks have ATMs, which are available 24/7 and allow you to withdraw cash from your account. However, not all ATMs are reliable, and some may run out of cash or be out of service. It's advisable to use ATMs located in bank premises or well-lit areas to avoid any form of theft.

Mobile Banking

Mobile banking is another option for accessing cash in Nigeria. Most banks have mobile banking apps that allow you to transfer money, pay bills, and even withdraw cash from an ATM without a debit card. This option is convenient and easy to use, but it's important to ensure that your phone is secure to avoid any unauthorized access to your account.

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Online Marketplaces

Online marketplaces such as Jiji and Jumia offer a platform for buying and selling goods and services. These platforms have integrated payment systems that allow you to pay or receive cash for transactions conducted through the platform. However, it's essential to be cautious when using these platforms, as there have been cases of fraud and scams.

Microfinance Banks

Microfinance banks provide financial services to low-income individuals and small businesses. These banks offer loans, savings accounts, and other financial services, making them an excellent option for those who need cash for business ventures. However, it's important to ensure that the microfinance bank you choose is registered with the Central Bank of Nigeria and has a good reputation.

Peer-to-Peer Lending

Peer-to-peer lending is a way of borrowing money from individuals without going through a bank. This option is popular in Nigeria, and platforms like Carbon and Renmoney have made it easier to access cash through peer-to-peer lending. However, it's important to be cautious when using these platforms, as the interest rates can be high, and there have been cases of fraud.

Money Transfer Services

Money transfer services such as Western Union and MoneyGram are available in Nigeria and offer a convenient way to receive cash from abroad. These services are useful for those who have family or friends abroad who are willing to send money to Nigeria. However, it's important to be cautious of scams and ensure that you receive the money from a reputable service provider.


Accessing cash in Nigeria can be challenging, but with the right knowledge and tools, it's possible to navigate the cash economy. Whether it's through banks and ATMs, mobile banking, online marketplaces, microfinance banks, peer-to-peer lending, or money transfer services, there's a solution for everyone. It's important to be cautious and ensure that you're using reputable service providers to avoid any form of fraud or theft.

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  1. Can I use my foreign debit card to withdraw cash in Nigeria?
    Yes, most foreign debit cards are accepted in Nigeria, but it's important to check with your bank to ensure that your card is compatible with Nigerian ATMs.

  2. Is it safe to withdraw cash from an ATM at night in Nigeria?
    It's advisable to withdraw cash during the day or from ATMs located in well-lit areas to avoid any form of theft or robbery.

  3. Can I use my mobile banking app without an internet connection?
    No, you need an internet connection to use mobile banking apps.

  4. What should I do if I'm a victim of fraud?
    You should contact your bank or the appropriate authorities immediately and report the incident.

  5. Are peer-to-peer lending platforms regulated in Nigeria?
    Yes, peer-to-peer lending platforms are regulated by the Securities and Exchange Commission (SEC) in Nigeria. However, it's important to ensure that the platform you use is registered with the SEC.