In 2023, the value of Automated Teller Machine (ATM) transactions in Nigeria decreased by 13.6 percent to N28.2 trillion, down from N32.65 trillion in 2022, according to the Central Bank of Nigeria’s March 2024 statistical bulletin.
The number of ATM transactions also fell slightly by 0.5 percent to 1.38 billion from 1.387 billion in the same period.
Conversely, internet transactions saw significant growth. The value of web payments increased by 40 percent, reaching N1,097 trillion in 2023, up from N783.66 trillion in 2022.
The volume of internet transactions also rose sharply by 54.7 percent to 21.75 billion, compared to 14.06 billion the previous year.
The decline in ATM transactions and the rise in internet banking are attributed to the cash scarcity experienced in early 2023, following the redesign of the N200, N500, and N1,000 notes.
This situation pushed more people towards using digital payment methods, including internet banking, mobile transfers, and Point of Sale (PoS) systems.
The Central Bank of Nigeria’s policies aimed at increasing financial inclusion and promoting a cashless economy further supported this shift.