The Central Bank of Nigeria (CBN) has disclosed that Nigeria processed nearly 11 billion real-time payment transactions in 2024.
According to a fintech ecosystem report developed through stakeholder consultations and a nationwide survey, real-time payments have become a core pillar of Nigeria’s financial system.
The volume processed in 2024 represents a sharp increase from about 5 billion transactions in 2022, placing Nigeria among the top adopters of instant payments globally and firmly establishing it as Africa’s leading market by scale and usage.
The report highlights that more than 25 percent of all electronic transactions in Nigeria now flow through real-time payment channels, primarily via the Nigeria Inter-Bank Settlement System Instant Payment (NIP) platform operated by Nigeria Inter-Bank Settlement System (NIBSS).
This nationwide, interoperable infrastructure has made instant interbank transfers a standard feature of daily economic activity for households and businesses.
Nigeria’s early adoption of a real-time, interoperable payments system dates back to 2011, when instant transfers were introduced nationwide well ahead of many advanced and emerging economies.
The CBN said sustained collaboration with NIBSS and industry stakeholders has since deepened the system’s resilience, reliability, and reach, positioning it as one of the most mature real-time payment platforms globally.
The surge in transaction volumes aligns with the Payments System Vision 2025, which targets near-universal electronic payment penetration by 2030.
Regulators view the scale and operational experience of Nigeria’s payments ecosystem as a strategic national asset, particularly as digital finance expands across retail payments, merchant transactions, and emerging fintech services.
Beyond domestic usage, the CBN report notes that Nigeria’s experience in managing population-scale digital payments is increasingly relevant to other high-growth and emerging markets.
Policymakers see the country not only as a fast-growing fintech adopter but as a reference point whose regulatory and operational lessons can inform global best practices.
However, the report also acknowledges ongoing challenges, including infrastructure gaps such as limited broadband penetration in some areas, incomplete data-sharing systems, and the cost of regulatory compliance for fintech operators.
Addressing these constraints, the CBN said, will be critical to sustaining growth and ensuring that rising transaction volumes translate into broader financial inclusion and economic efficiency.
As digital transactions continue to accelerate, market participants will be watching how regulators balance innovation, system integrity, and consumer protection while leveraging Nigeria’s real-time payments scale to strengthen its position in the global digital finance landscape.
