In 2024, electronic payment transactions in Nigeria surged to an unprecedented N1.07 quadrillion, marking the first time the country has crossed the quadrillion mark. This figure approximates $702.6 billion, based on the exchange rate of N1,535/$1 as of December 31, 2024. According to data from the Nigeria Inter-Bank Settlement System (NIBSS), this represents a remarkable 79.6% increase from the N600 trillion recorded in 2023.
The highest transaction value was observed in December, with Nigerians spending a total of N115.1 trillion through electronic channels during the festive season, setting a monthly record on the NIBSS platform. The total volume of transactions also rose from 9.7 billion in 2023 to 11.2 billion in 2024, a 15.5% year-on-year increase.
Industry analysts attribute this growth to a cash crunch and the Central Bank of Nigeria’s (CBN) cashless policy, which limits daily cash withdrawals. As a result, many Nigerians have turned to cashless payment methods, such as mobile transfers and Point of Sale (PoS) transactions.
The NIBSS Instant Payments (NIP) platform has become the preferred method for fund transfers in Nigeria, allowing for instant transactions across various banking channels. The ongoing shift towards electronic payments is reinforced by the CBN’s policies, which have made accessing cash more challenging.
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