Nigeria’s transition to a cashless economy got a significant boost as electronic payment transactions witnessed a dramatic surge from N387 trillion in 2022 to N600 trillion in 2023.
According to data from the Nigeria Inter-Bank Settlement System (NIBSS), the value reported on the NIBSS Instant Payment (NIP) has seen a significant increase of 55 percent; the transaction volume for the year soared by 90 percent from N5.1 billion in 2022 to N9.7 billion in 2023.
Throughout the 12 months of the year, the e-payment data consistently indicates growth. However, the month of December stands out with the highest recorded value.
As it is a time of celebration and increased consumer expenditure, Nigerians made electronic transactions totaling N71.9 trillion in December 2023.
The NIBSS electronic payment platform reached its highest-ever monthly record, indicating a significant milestone.
According to the NIBSS indicator, the volume of e-payments reached a record-breaking 1.1 billion transactions in March 2023.
This surge in e-payments coincided with a period of cash scarcity in Nigeria, forcing people to rely on electronic channels for their transactions.
“However, it is worth mentioning that the total value of e-payments in March did not surpass the amount recorded in December of the same year,” Persecondnews quotes from NIBSS data.
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