NIGERIA’S electronic payment transactions soared to N1.07 quadrillion in 2024, marking an all-time high and the first time the country’s e-payment system crossed the quadrillion threshold. This milestone, reported by the Nigeria Inter-Bank Settlement System (NIBSS), underscores the rapid digital transformation in the country’s financial sector.
According to data released by NIBSS, transactions processed through the NIBSS Instant Payment (NIP) system increased by 79.6 percent, up from N600 trillion recorded in 2023. This significant growth reflects the increasing adoption of digital financial services across the nation.
The data indicated a consistent rise in e-payment transactions throughout the year, with December 2024 emerging as the peak month.
As a festive season characterized by high spending, Nigerians processed a record N115.1 trillion through electronic channels in December alone.
This marks the highest monthly transaction value ever recorded on the NIBSS electronic payment platform.
Beyond transaction value, the volume of e-payments also saw a substantial increase. The total number of transactions processed by NIBSS rose from 9.7 billion in 2023 to 11.2 billion in 2024, representing a 15.5 percent year-on-year growth.
Industry experts attributed the surge in electronic transactions to a combination of factors, including the cash scarcity experienced in early 2023 and the continued implementation of the Central Bank of Nigeria’s (CBN) cashless policy.
The CBN’s cashless policy, which limits daily cash withdrawals, has significantly influenced consumer behavior, encouraging businesses and individuals to embrace digital payment solutions. With restrictions on cash transactions, more Nigerians have turned to electronic platforms for seamless and secure financial transactions.
Additionally, advancements in financial technology (fintech), including the expansion of mobile banking, digital wallets, and fintech payment solutions, have played a crucial role in driving adoption. The ease and efficiency of these platforms have contributed to increased confidence in e-payments across various sectors.
The NIBSS Instant Payment (NIP) system, launched in 2011, has remained the backbone of Nigeria’s digital payment ecosystem. As an account-number-based, real-time interbank payment solution, NIP guarantees instant value transfer, making it the preferred platform for financial institutions and businesses across the country.
The platform’s reliability and efficiency have positioned it as a critical tool in Nigeria’s financial inclusion drive, enabling millions of individuals and businesses to conduct secure transactions effortlessly.
With e-payment transactions surpassing N1.07 quadrillion, Nigeria is poised for even greater digital financial expansion. The continued enforcement of the CBN’s cashless policy, coupled with increasing fintech innovation, is expected to sustain this upward trajectory.
As more Nigerians adopt electronic payment channels, the country’s financial landscape will continue to evolve, paving the way for a more digitally inclusive economy. Experts predict that e-payment transactions will keep growing in 2025, reinforcing Nigeria’s position as one of Africa’s leading digital economies.
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