Nigeria’s electronic transactions surged by 79% in 2024, reaching a record N1.08 quadrillion, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). The steady rise, from N72.11 trillion in January to N115.12 trillion in December, highlights the growing adoption of digital payments. The volume of transactions also increased by 13.69%, with the highest recorded in May at 1.02 billion transactions.
The Central Bank of Nigeria (CBN) has reinforced the transition to a cashless economy by implementing policies limiting cash withdrawals, encouraging financial inclusion, and improving banking efficiency. The EFInA Access to Finance Survey reported that financial inclusion rose to 74% in 2023, driven by the expansion of mobile banking agents across Nigeria. Experts credit the shift to increased trust in digital transactions and improvements in the NIBSS infrastructure.
While analysts welcome the development, they caution against cyber threats and the need for enhanced security in electronic payments. Economist Marcel Okeke noted that the rise in digital transactions might be linked to the naira redesign policy, which made cash scarce in 2023. Financial analyst Rotimi Fakayejo praised Nigeria’s e-payment efficiency, emphasizing its growing adoption compared to global counterparts, including the U.S.
Source: PUNCH