Nigeria’s electronic payment transactions have reached an all-time high, hitting N1.07 quadrillion in 2024, according to data released by the Nigeria Inter-Bank Settlement System (NIBSS) on Wednesday.
Persecondnews reports that this represents a 79.6% increase over the N600 trillion recorded in 2023.
The NIBSS Instant Payment (NIP) platform recorded the highest value of transactions in December 2024, with Nigerians spending a total of N115.1 trillion over electronic channels during the festive period.
This surge in electronic transactions is attributed to the cashless policy implemented by the Central Bank of Nigeria (CBN) and the recent cash crunch experience.
According to NIBSS, the volume of transactions processed by the platform also increased by 15.5% year-on-year, from 9.7 billion in 2023 to 11.2 billion in 2024.
The data also showed that cashless transactions surged to N611.06 trillion in 2023, representing a significant increase of 54.55% or N215.68 trillion, compared to the previous year.
Industry analysts believe that the growth in electronic transactions will continue, driven by the increasing adoption of digital payment methods.
“It is expected that electronic transactions will continue to go up since banks are not willing to release cash like before,” said Mr. Adewale Adeoye, a Lagos-based financial analyst.
The NIBSS data also revealed significant growth in mobile money transactions, with operators such as Opay, Palmpay, Moniepoint, and Kuda recording N46.6 trillion transactions in 2023, up by 140% from the previous year.
Leave a comment