Nigeria’s digital payment revolution reached a new milestone in 2025 as mobile money transactions soared to N372.14 trillion, marking an impressive 81.26 per cent increase from the N205.31 trillion recorded in 2024. The latest figures, released in the Central Bank of Nigeria (CBN) 2025 Annual Report, highlight the rapid adoption of electronic payment solutions by millions of Nigerians, driven by expanding mobile money services, improved technology, and growing confidence in digital financial platforms.
According to the report, Mobile Money Operators (MMOs) processed 28.74 billion transactions in 2025, representing a 65.77 per cent rise from 17.34 billion transactions recorded the previous year. The CBN attributed the remarkable growth to the increasing onboarding of agents across the country, innovations in digital financial services, and stronger collaboration among key stakeholders within Nigeria’s financial ecosystem. The expansion has made financial services more accessible, particularly for underserved communities, while encouraging more people to embrace cashless payment options.
The report also revealed that Nigeria’s payment industry continued to expand significantly, with 84 licensed Payment Service Providers operating by the end of 2025. These include Mobile Money Operators, Switching and Processing Companies, Payment Solution Service Providers, Super Agents, and Payment Terminal Service Providers. Leading operators such as OPay, PalmPay, Paga, eTranzact, Chams Mobile, VTNetwork, KongaPay, and Fortis Mobile Money have continued to play a major role in increasing financial inclusion by offering fast, convenient, and secure digital payment services to individuals and businesses nationwide.
Beyond mobile money, the broader electronic payments ecosystem also experienced strong growth. The value of retail electronic payment transactions climbed by 26.07 per cent to N3,458.77 trillion in 2025, reflecting increasing consumer preference for digital payment channels, the rapid growth of e-commerce, and improvements in payment infrastructure. Automated Teller Machine (ATM) transactions recorded the fastest growth in transaction volume, increasing by 61.94 per cent, while USSD and Point-of-Sale (POS) transactions also posted significant gains. In contrast, transactions conducted through mobile applications, internet platforms, and direct debit channels declined in volume, while cheque usage continued its long-term decline as businesses and consumers increasingly embraced faster digital alternatives.
The CBN noted that internet-based payments remained the dominant payment channel by value, accounting for 56.66 per cent of retail electronic transactions in 2025. Meanwhile, the apex bank disclosed that it is working with the Nigeria Inter-Bank Settlement System (NIBSS) to introduce e-cheque and QR code payment solutions as part of efforts to modernise the country’s payment infrastructure. The report also showed that wholesale payment activity strengthened considerably, with Real Time Gross Settlement (RTGS) transaction values more than doubling to N454.60 trillion. Reinforcing the global trend, GSMA Director-General Vivek Badrinath said mobile money has evolved into a powerful financial ecosystem that is transforming how millions of people access and manage financial services, positioning Nigeria among the markets driving the future of digital finance.
source: punch
