The value of electronic transactions in Nigeria surged by 79% in 2024, reaching an all-time high of N1.08 quadrillion compared to the previous year.
According to the latest data from the Nigeria Inter-Bank Settlement System (NIBSS), the rise in digital payments was driven by increased adoption of NIBSS Instant Payments (NIP), an account-based, real-time interbank payment solution introduced in 2011.
A breakdown of the data shows steady growth throughout 2024, with transaction values climbing from N72.11 trillion in January to record highs in the last quarter. In October, NIP transactions stood at N103.21 trillion, rising to N109.53 trillion in November before peaking at N115.12 trillion in December. Notably, January’s figure of N72.11 trillion surpassed the monthly values recorded in all of 2023, underscoring the growing preference for digital payments.
On the volume side, electronic transactions grew by 13.69%, increasing from 11.69 billion to 13.92 billion transactions by the end of 2024. May saw the highest transaction volume at 1.02 billion, while June recorded the lowest at 871.66 million.
The shift towards electronic payments aligns with the Central Bank of Nigeria’s (CBN) cashless policy, which took effect on January 9, 2023. The policy, aimed at reducing physical cash in circulation, promotes digital transactions to lower banking costs, enhance financial inclusion, and improve monetary policy effectiveness. CBN also highlighted the policy’s role in reducing cash-related crimes, including ransom payments and terrorism financing.
Meanwhile, the EFInA Access to Finance Survey indicates that more Nigerians are now integrated into the formal banking system, although financial inclusion gaps remain.
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