Nigeria’s e-payment transactions surged to N234 trillion in the first quarter of 2024.
Nigeria Inter-Bank Settlement System, NIBSS, disclosed this in its latest data.
This marked an 89.3 per cent increase from the N123.8 trillion recorded in the same period in 2023.
The development showed a notable increase in growth, showcasing the expanding digital presence in the country’s financial landscape.
Meanwhile, there was a 7.92 per cent decrease in Point of Sale, PoS, transactions during the specified period, with the total amount falling from N2.84 trillion in Q1 2023 to N2.61 trillion in the first quarter of this year.
An analysis of the electronic payment sector showed that transactions totalling N72.11 trillion were recorded in January, underscoring a significant increase in the adoption of digital financial services.
Throughout February, this pattern persisted, leading to a notable spike in the overall transaction value to N79.33 trillion. This increase highlights the consistent growth and escalating dependence on digital payment channels. Electronic transactions continued to rise into March, surpassing a significant milestone at N83.05 trillion.
