In 2023, Nigeria saw a surge in cashless transactions, reaching N611.06 trillion, as revealed by the Nigeria Inter-Bank Settlement System (NIBSS) on Wednesday. This marked a substantial increase from N395.38 trillion in 2022, reflecting a 54.55% year-on-year growth.
NIBSS attributed this growth to the widespread adoption of various electronic payment channels by Nigerian banks, including internet banking, mobile apps, POS, ATM, and more.
Analysis of the data showed that electronic payment channels were utilized 11.05 billion times in 2023, a 75.96% increase from the previous year. The total value of instant payments reached N600.36 trillion, with Point of Sale transactions totaling N10.7 trillion.
Notably, December 2023 saw the highest transaction value of N71.9 trillion, reflecting increased spending during the festive season. Additionally, NIBSS processed 9.7 billion transactions in 2023, up from 5.1 billion in 2022, representing a significant 90% increase year over year.
This upward trend in electronic transactions was further supported by the Central Bank of Nigeria’s initiatives, including the naira redesign policy and withdrawal limits, implemented in December 2022.
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