In 2023, electronic payment transactions in Nigeria skyrocketed to a staggering N600 trillion, marking a remarkable 55 percent surge compared to the N387 trillion recorded in the previous year.Â
This significant increase was disclosed by the Nigeria Inter-Bank Settlement System (NIBSS) in its recent data report.
The data further unveiled that Nigerians collectively spent an astounding N71.9 trillion through electronic channels in December 2023, setting a new record for monthly transactions on the NIBSS electronic payment platform.
Moreover, NIBSS statistics revealed that in March 2023, amidst a cash scarcity situation, electronic payment volume peaked at an unprecedented 1.1 billion transactions. Although this figure was slightly lower than the December peak, it remained a noteworthy milestone.
A detailed breakdown of monthly electronic transaction values showed that Nigerians expended N38.9 trillion in January 2023 and N36.8 trillion in February of the same year. Notably, the electronic transaction value surged to N48.3 trillion in March 2023, driven by cash shortages.
Subsequent months saw substantial electronic transaction volumes, with April reaching N41.3 trillion and May totaling N45.9 trillion.
The value of NIP transactions slightly declined to N45.3 trillion in June 2023, followed by an increase to N47.4 trillion in July.
August and September witnessed a further uptick in the value of NIP transactions, reaching N50.9 trillion and N51 trillion, respectively.
The peak transaction value of N71.9 trillion was observed in December, with October and November recording values of N59 trillion and N63.6 trillion, respectively.
