Electronic payment transactions in Nigeria has hit an all time high, reaching N1.07 quadrillion in 2024 according to data released by the Nigeria Inter-Bank Settlement System (NIBSS). The figure represents a 79.6% increase over the 600 trillion Naira volume recorded in 2023.
The electronic payment volume rose steadily throughout the first 12 months of the year, reaching an all time high in December due to the festive spending associated with the period. Nigerians spent over N100 trillion on e-transactions in December 2024, indicating a huge increase in the monthly record on the NIBSS electronic payment platform.
Also, the volume of transactions processed by NIBSS for the year also jumped from 9.7 billion in 2023 to 11.2 billion in 2024.This represents a 15.5% increase in the volume of electronic transactions year on year.
Industry analysts attribute the increase in electronic payment transactions to the recent cash shortage and the Central Bank of Nigeria’s (CBN) cashless policy, which restricts the daily cash withdrawal amount.
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Under the updated cashless policy, effective from January 9, 2023, individual cash withdrawals are capped at N500,000 per week, while corporate entities are allowed a maximum withdrawal of N5 million weekly. As a result, many Nigerians are now embracing e-payment platforms and mobile transfer options for their daily transaction.
