According to a report from the Nigeria Interbank Settlement System (NIBSS) electronic payment transactions in Nigeria surged to an unprecedented $702.6 billion (N1.07 quadrillion) over the 12-month period ending December 31, 2024.
This marks a historic milestone, as it is the first time e-payment transactions have crossed the quadrillion-naira threshold. The N1.07 quadrillion figure, when converted at the exchange rate of N1,535/$1 as of December 31, 2024, equates to $702.6 billion.
NIBSS industry statistics reveal that the value recorded on the NIBSS Instant Payment (NIP) platform reflects a substantial 79.6% increase from the N600 trillion reported in 2023.
While electronic payment transactions exhibited consistent growth throughout the year, December 2024 recorded the highest transaction value, driven by heightened business activity during the festive season. Nigerians spent a staggering N115.1 trillion through electronic channels that month, setting an all-time monthly record on the NIBSS platform.
The volume of transactions also saw a significant uptick, rising from 9.7 billion in 2023 to 11.2 billion in 2024—an increase of 15.5% year-on-year.
E-payment transactions in Nigeria are facilitated through various channels, including cheques, Automated Teller Machines (ATMs), Point of Sale (PoS) terminals, m-Cash, CentralPay, Remita, NIBSS Instant Payment (NIP), and mobile money, among others.
The Central Bank of Nigeria (CBN) is empowered by Sections 2(d) and 47(2) of the CBN Act, 2007, to promote and advance efficient systems for transaction settlements, including the expansion of electronic payment systems.
Advocating for the full adoption of e-payment solutions, the CBN emphasised that for Nigeria to be a competitive player on the global stage, its payment infrastructure must align with international best practices, mirroring the standards seen in advanced economies.
The apex bank highlighted that electronic payments offer a secure and efficient means for conducting transactions, minimising risk for the CBN, payment service providers, and end-users alike.
To drive this vision forward, the CBN, in partnership with key industry stakeholders, developed the National Payments Systems Vision 2020 (NPSV 2020), which is a crucial component of the broader Financial Systems Strategy 2020 (FSS 2020).
