Electronic payment transactions in Nigeria increased to N600 trillion in 2023, up 55% from N387 trillion in 2022.
The Nigeria Inter-Bank Settlement System (NIBSS) confirmed this in its most current data.
According to the report, Nigerians spent N71.9 trillion through electronic channels in December 2023. This was the biggest monthly record ever set on the NIBSS electronic payment system.
Furthermore, NIBSS figures show that in March 2023, when Nigerians were compelled to use electronic channels due to cash constraint, e-payment volume reached an all-time high of 1.1 billion. However, the monthly result was lower than the one recorded in December of the same year.
Concurrently, NIBSS’s transaction volume climbed from 5.1 billion in 2022 to 9.7 billion in 2023. This is a 90 percent increase from the prior year.
When the value of electronic transactions is broken down month by month, it is clear that Nigerians spent N38.9 trillion on electronic platforms in January 2023 and N36.8 trillion in February of same year.
The value of electronic transactions is expected to increase to N48.3 trillion in March 2023, owing to the lack of cash at the moment.
By April, N41.3 trillion had been spent through electronic channels, with N45.9 trillion in transactions in May.
The total value of NIP transactions in June 2023 was N45.3 trillion, which was somewhat less than in May. E-payment transactions totaled N47.4 trillion in July.
The value of NIP transactions rose to N50.9 trillion in August and N51 trillion in September, respectively.
The largest transaction value of N71.9 trillion was reported in December, with October and November figures of N59 trillion and N63.6 trillion, respectively.