BusinessHighlight

Nigeria’s Electronic Payment Transactions Hit Unprecedented N1.07 Quadrillion in 2024

"Persecondnews reports that this represents a 79.6% increase over the N600 trillion recorded in 2023"

356

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

Related Articles

Tinubu’s forex policy revolutionizes domestic airline operations – United Nigeria airline boss

The Founder of United Nigeria Airline, Prof. Obiora Okonkwo, has praised the...

NNPCL Dismisses Social Media Video Alleging Dispensing Poor Fuel Quality

The Nigerian National Petroleum Company Limited (NNPC Ltd) has issued a strong...

Kenyan Runner Edwin Koech Wins 2025 Access Bank Lagos City Marathon, Carts Home $50,000

Kenya’s Edwin Kibet Koech has emerged victorious in the men’s division of...

Another Rep rejects allegation of $150m bribe from Binance Executive Gambaryan

Rep. Ginger Onwusibe, the Chairman of the House of Representatives Committee on...

Lagos Assembly crisis: Obasa heads to court, challenges removal as Speaker

Mudashiru Obasa, the impeached Speaker of the Lagos State House of Assembly,...

FG Dismisses Binance Executive Tigran Gambaryan’s Allegations

The Federal Government has officially denied allegations made by Tigran Gambaryan, a...

US congressman drops bombshell, accuses USAID of funneling taxpayers’ money to Boko Haram, ISIS, Al-Qaeda

A stunning revelation has rocked international circles as American Republican Congressman Scott...

African Union Launches Landmark Credit Rating Agency to Promote Regional Economic Integration

The African Union has taken a significant step towards promoting economic resilience...

UNIZIK expels student for assaulting lecturer

For allegedly assaulting a lecturer, authorities of the Nnamdi Azikiwe University (UniZik),...

Military chiefs’ visa denial: Canada declines comment, cites privacy concerns

The Canadian High Commission in Nigeria has acknowledged media reports concerning the...

FG approves 150 medical personnel for correctional centres nationwide

In a bid to boost healthcare delivery in Nigeria’s correctional centres, the...

Ex-Abia Attorney General, Ihediwa, Regains SAN Title After 7-Month LPPC’s Suspension

Seven months after his Senior Advocate of Nigeria (SAN) was withdrawn, the...

2Baba’s family petitions DSS over singer’s mysterious disappearance amid marital issues

…I’m not engaged to him, she fires back The ongoing marital crisis...

Russia, Nigeria Set for Historic Friendly Match

The Russian Football Union (RFU) has announced that the country’s men’s national...

Pres. Tinubu Arrives in Ethiopia for 38th AU Summit

President Bola Tinubu arrived in Addis Ababa, Ethiopia, on Thursday night to...

FCT President Cup: EFCC FC, Galadima FC, FWC FC, N-Youth Academy Secure Semifinal Spots

The stage is set for the semifinals of the FCT President Cup,...

Southwest Governors Move to Establish Joint Security Outfit to Counter Rising Banditry, Insurgency Threats

Amid rising concerns over the renewed spate of banditry and insurgency in...

Abiodun’s Investment Drive: Ogun to host West Africa’s largest cotton and apparel industry, targets 40,000 jobs

The biggest cotton and apparel industry in West Africa, with a capacity...

Fire ravages 7-Storey Lagos building, leaving trail of destruction

A devastating fire swept through a seven-storey commercial building located in the...

FCT Police, Military Join Forces to Neutralize Deadly Abuja Armed Robbery Gangs

A collaborative effort between the FCT Police Command, military personnel, and local...