The electronic payment transactions made in Africa’s largest economy, Nigeria, rose to N600 Trillion in 2023, a Nigeria Inter-Bank Settlement System (NIBSS) data has shown.
The NIBSS stated that the value of e-payment transactions in 2023 was 55 percent higher than the value of N387 trillion, which was recorded in 2022.
According to the Instant Payment (NIP) recorded on the NIBSS in 2023, there was a steady increase throughout the year but December had the highest transaction value.
The high value of e-payment transaction was due to the festive period, which always had a surge of commercial activities and spending with a huge reliance on cashless means due to the unavailability of Naira notes.
According to the NIBSS chart, transactions worth over N70 trillion were made in December in contrast with around N40 trillion in 2022.
It should be noted that the volume of transactions processed under Nigeria’s inter-bank settlement system rose to 9.7 billion in 2023 from 5.1 billion the previous year.