Electronic payment transactions in Nigeria rose by 89 percent to N257.73 trillion in the first quarter of 2024.
This was disclosed by the Nigerian Interbank Settlement System’s latest report released on Monday, according to Vanguard.
There are indications that Nigerians are beginning to embrace more of the Electronic payment channels options, as the value of electronic payment transactions surged.
According to the NIBSS report, the value of electronic payment transactions rose year-on-year (YoY) by 89 percent to N257.73 trillion in the first quarter of 2024 compared to N136.2 trillion in the first quarter.
In addition, it is revealed that the value of NIBSS Instant Payment recorded a high value of transactions, increasing on a year-on-year by 90.8 per cent to N236.46 trillion in Q1’24 compared to N123.9 trillion in Q1’23.
The data also highlighted that the value of NIBSS Instant Payment recorded a huge value of transactions, growing significantly on a YoY by 90.8 percent to N236.46 trillion in Q1’24 from N123.9 trillion in Q1’23.
In the report, the value of Mobile Money Operations transactions grew by 87.8 per cent to N17.11 trillion in Q1’24 from N9.11 trillion in Q1’23.
This increase suggests that Nigerian consumers opted more for the use of electronic payment channels for transactions.
Recall the CBN on December 6, 2022, introduced a new cash policy with the aim of discouraging cash payment and encouraging electronic payment.
The cash policy was introduced to discourage high cash volume across the economy, noting it had many negative consequencies.
