Cashless Transactions Surge 88% To N237 Trillion In First Quarter, Electronic Payments Hit Record High

Cashless transactions in Nigeria surged to N237 trillion in the first quarter of 2024, according to new statistics from the Nigeria Interbank Settlement System.

A new analysis of the data uncovered that electronic payment channels were utilized 3.09 billion times in the initial three months of the year, marking a 6.2% rise from the 2.91 billion times they were used in the corresponding period of 2023.

The NIBSS tracks cashless transactions via the Nigeria Instant Payment System and Point of Sale terminals. Instant payment transactions totaled N234.5 trillion, while PoS transactions amounted to N2.6 trillion in the first quarter.

In 2023, cashless transactions in Nigeria surged to N611.06 trillion, marking a substantial increase from N395.38 trillion at the end of 2022, indicating a 54.55% year-on-year growth.

The NIBSS Instant Payments, established in 2011, is an account-number-based, online real-time Inter-Bank payment solution. It serves as the preferred funds transfer platform in the Nigerian financial industry, ensuring instant value to the beneficiary.

NIBSS reports that Nigerian banks have consistently expanded the reach of NIP through various channels such as internet banking, bank branches, kiosks, mobile apps, USSD, POS, and ATMs, among others.

Analysis of the data revealed that electronic payment channels were utilized 11.05 billion times in 2023, reflecting a significant 75.96% increase from the 6.28 billion times in 2022. The total value of instant payments in 2023 amounted to N600.36 trillion, while Point of Sale transactions totaled N10.7 trillion, with a reliance on them for 1.38 billion transactions.

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