Cashless transactions in Nigeria increased to N611.06 trillion in 2023, according to information released by the Nigeria Inter-Bank Settlement System on Wednesday.
According to The PUNCH, the payouts increased from N395.38 trillion in 2022 to N55.55 trillion in 2023.
NIBSS Instant Payments is an account-number-based, online real-time Inter-Bank payment solution developed in the year 2011 by NIBSS.
The funds transfer platform used by the Nigerian financial sector ensures that the beneficiary will receive their money right away.
According to a study of NIBSS statistics, electronic payment channels were z11.05 billion times in 2023 compared to 6.28 billion times the year before, a 75.96% increase.
It demonstrated that N600.36 trillion was the total value of quick payments in 2023, and Point of Sales transactions was N10.7tn and relied upon for 1.38 billion times.
The company reported that the data, which reached a record high, showed that Nigerians were becoming more receptive to cashless transactions.
Even while the e-payment data increased steadily throughout the course of the year, December—a month known for celebrations—saw the highest value.
Nigerians used electronic channels to transact up to N71.9tn in December.
According to NIBSS data, the number of e-payments reached an unprecedented high of 1.1 billion in March 2023, a time when the country was compelled to rely on electronic channels due to cash scarcity.
Nevertheless, the March value was lower than the December value.
In the meantime, the number of transactions processed by NIBSS increased by 90% year over year to 9.7 billion during the year under review from 5.1 billion in 2022.
Nigerians spent N38.9 trillion on electronic platforms in January, while the value of e-payments was N36.8 trillion in the following month, according to a look at the value of electronic transactions month by month.
Similar to this, in March 2023, the lack of cash caused the value of electronic transactions to soar to N48.3 trillion