Nigeria’s transition to a cashless economy got a significant boost as electronic payment transactions witnessed a dramatic surge from N387 trillion in 2022 to N600 trillion in 2023.
According to data from the Nigeria Inter-Bank Settlement System (NIBSS), the value reported on the NIBSS Instant Payment (NIP) has seen a significant increase of 55 per cent; the transaction volume for the year soared by 90 per cent from N5.1 billion in 2022 to N9.7 billion in 2023.
Throughout the 12 months of the year, the e-payment data consistently indicated growth.
However, the month of December stood out with the highest recorded value.
As it is a time of celebration and increased consumer expenditure, Nigerians made electronic transactions totaling N71.9 trillion in December 2023.
The NIBSS electronic payment platform reached its highest-ever monthly record, indicating a significant milestone.
According to the NIBSS indicator, the volume of e-payments reached a record-breaking 1.1 billion transactions in March 2023.
This surge in e-payments coincided with a period of cash scarcity in Nigeria, forcing people to rely on electronic channels for their transactions.
“However, it is worth mentioning that the total value of e-payments in March did not surpass the amount recorded in December of the same year,” according to NIBSS data.
Stay ahead with the latest updates! Join The ConclaveNG on WhatsApp and Telegram for real-time news alerts, breaking stories, and exclusive content delivered straight to your phone. Don’t miss a headline — subscribe now!
