Electronic payment transactions in Nigeria reached a record high of N1.07 quadrillion in 2024. This is also the first time the country’s digital payments have crossed the quadrillion threshold. The latest data from the Nigeria Inter-Bank Settlement System (NIBSS) shows a 79.6% surge compared to the N600 trillion recorded in 2023.
The highest monthly transaction value came in December 2024, when Nigerians spent a record N115.1 trillion via these electronic payment channels. This is most driven by increased spending during the festive period.
In addition to the rise in transaction value, the volume of processed transactions also climbed from 9.7 billion in 2023 to 11.2 billion in 2024, reflecting a 15.5% increase year-on-year.
Industry analysts attribute this surge to Nigeria’s evolving cashless economy and ongoing cash shortages. The Central Bank of Nigeria’s (CBN) cashless policy, which limits individual cash withdrawals to N500,000 per week and corporate withdrawals to N5 million, has pushed more people towards digital payments.
Financial analyst Adewale Adeoye explained that with banks restricting over-the-counter cash withdrawals and ATMs frequently running low on cash, many Nigerians have had no choice but to embrace digital payments. “If banks won’t give you cash and ATMs are empty, you either use a PoS machine or make transfers,” he noted.
With Nigeria’s current cashless economy, digital payments are becoming the norm, and the trend is expected to continue.
