Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that Nigeria’s transition to a cashless economy got a significant boost as electronic payment transactions recorded a significant leap from N387 trillion in 2022 to N600 trillion in 2023.
The NIBSS reported that the value on the Instant Payment (NIP) witnessed a significant increase of 55 percent, while the transaction volume for the year surged by 90 percent from N5.1 billion in 2022 to N9.7 billion in 2023.
The e-payment data consistently indicated growth throughout the 12 months of the year, although the month of December stood out with the highest recorded value.
Nigerians made electronic transactions totaling N71.9 trillion in December 2023 as it was a time of celebration and increased consumer expenditure, and the NIBSS electronic payment platform reached its highest-ever monthly record, showing a significant milestone.
The NIBSS indicator pointed out that the volume of e-payments reached a record-breaking 1.1 billion transactions in March 2023.
Coincidentally, the surge in e-payments fell within the period of cash scarcity in Nigeria, forcing people to rely on electronic channels for their transactions.
The NIBSS stated that “However, it is worth mentioning that the total value of e-payments in March did not surpass the amount recorded in December of the same year.”
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