The First Quarter of 2024 Sees Nigeria’s E-payment Transactions Reach N234 Trillion, Reports NIBSS

According to the latest data from the Nigeria Inter-Bank Settlement System (NIBSS), e-payment transactions in Nigeria hit N234 trillion in the first quarter of 2024, marking an impressive 89.3% increase from the N123.8 trillion recorded in the same period last year.

This significant growth underscores the expanding digital presence within Nigeria’s financial landscape.

In contrast, Point of Sale (PoS) transactions experienced a 7.92% decrease during this period, falling from N2.84 trillion in Q1 2023 to N2.61 trillion in the first quarter of 2024.

An analysis of the electronic payment sector reveals that transactions amounting to N72.11 trillion were recorded in January, indicating a substantial uptick in the adoption of digital financial services.

In February, this trend continued, leading to a noticeable increase in the overall transaction value, which surged to N79.33 trillion. This uptrend highlights the consistent growth and increasing reliance on digital payment channels.

March saw electronic transactions continuing to rise, surpassing a significant milestone at N83.05 trillion.