E-payment transactions in Nigeria have experienced a remarkable surge, increasing by 86.44% to ₦566.39 trillion in the first half of 2024, up from ₦303.60 trillion in the same period last year. This data, released by the Nigeria Inter-Bank Settlement System (NIBSS), highlights a significant trend towards digital payments among consumers and businesses alike.
The month of July recorded the highest transaction value to date, totaling ₦89.50 trillion, compared to ₦47.39 trillion in July 2023. Similarly, June’s e-payment transactions amounted to ₦79.59 trillion, marking a substantial rise from ₦45.31 trillion in June of the previous year.
The NIBSS launched the Nigeria Instant Payment (NIP) platform in 2011, providing an online real-time interbank payment system that facilitates instant value transfers. Since then, banks have expanded access to the NIP platform through various channels, including internet banking, mobile apps, USSD, ATMs, Point of Sale (POS) terminals, and bank branches.
In May 2024, e-payment transactions totaled ₦87.48 trillion, a significant increase from ₦45.96 trillion in May 2023. April also showed positive growth, with transactions reaching ₦75.32 trillion compared to ₦41.25 trillion the previous year. March 2024 recorded ₦83.05 trillion in transactions, a jump from ₦48.33 trillion in March 2023. February’s figures showed ₦79.33 trillion, up from ₦36.79 trillion, while January’s transactions were ₦72.11 trillion compared to ₦38.77 trillion in January 2023.
Experts attribute this surge in e-payment transactions to the growing adoption of digital payment platforms, driven by their convenience and efficiency. In 2023, electronic payment transactions in Nigeria reached an all-time high of ₦600 trillion, marking a 55% increase from ₦387 trillion in 2022. Additionally, the total value of point-of-sale transactions for 2023 was ₦10.73 trillion, compared to ₦8.39 trillion in 2022.
As digital payment solutions become increasingly integral to the economy, the trend towards cashless transactions appears set to continue, reflecting a broader shift in consumer behavior and banking practices across the nation.
