Electronic payment transactions rose by 79.6% to N1.07 quadrillion for the first time in 2024, according to data released by the Nigeria Inter-Bank Settlement System (NIBSS).
The surge reflects sustained growth in the country’s cashless economy, with transaction values nearly doubling from the N600 trillion recorded in 2023.
Data from NIBSS showed a steady rise in e-payment transactions throughout the year with December recording the highest transaction volume.
In December alone, Nigerians processed N115.1 trillion through electronic payment channels.
In addition to the rise in transaction value, the total volume of e-payments also increased as the number of transactions processed climbed by 15.5% from 9.7 billion in 2023 to 11.2 billion in 2024.
The rapid expansion of digital payments underscores the growing adoption of cashless transactions, driven by increased financial technology penetration, widespread mobile banking usage and evolving consumer preferences.
Regulatory initiatives supporting electronic payments, alongside the continued expansion of fintech services, have further strengthened Nigeria’s digital payment landscape.
With the increasing shift toward cashless transactions, industry analysts expect further advancements in digital financial services, e-commerce, and payment infrastructure. The milestone highlights the impact of Nigeria’s evolving financial ecosystem and reinforces the role of digital payments in shaping the country’s economic landscape.