Tayo Busayo, Abuja
DAILY COURIER - In a historic leap for Nigeria’s financial services sector, electronic payment transactions soared to an unprecedented N1.07 quadrillion in 2024, marking a 79.6% increase from the N600 trillion recorded in 2023. This milestone, equivalent to $702.6 billion at the year-end exchange rate of N1,535/$1, underscores the rapid adoption of digital payment systems across the country.
The data, released by the Nigeria Inter-Bank Settlement System (NIBSS), highlights the growing reliance on the NIBSS Instant Payment (NIP) platform, which processed 11.2 billion transactions in 2024—a 15.5% increase from the 9.7 billion transactions recorded in 2023. December emerged as the peak month, with Nigerians spending N115.1 trillion through electronic channels, driven by heightened festive activities and increased consumer spending.
The countryside witnessed a remarkable surge in e-payment usage, attributed to the rapid expansion of fintech firms. These companies have bridged the gap between urban and rural areas, providing accessible and user-friendly digital payment solutions. This trend was particularly evident during the festive season, as rural communities embraced electronic transactions for convenience and security.
The federal government also reaped significant benefits from the e-payment boom. The Electronic Money Transfer Levy, extended to fintech platforms, generated N31.2 billion in December 2024—the highest monthly revenue on record. This figure more than doubled the N15.06 billion recorded in November, reflecting the growing volume of digital transactions.
Finance experts attribute the surge in e-payment transactions to the Central Bank of Nigeria’s (CBN) cashless policy, which limits daily cash withdrawals, and the recent cash crunch experienced across the country. These factors have incentivized Nigerians to adopt digital payment methods, further accelerating the shift toward a cashless economy.
Launched in 2011, the NIBSS Instant Payment platform has become the backbone of Nigeria’s digital financial ecosystem. It enables real-time, account-based interbank transactions and is accessible through various channels, including internet banking, mobile apps, POS terminals, and ATMs. Its reliability and efficiency have made it the preferred choice for funds transfer among banks and customers alike.
As Nigeria continues to embrace digital transformation, the e-payment sector is poised for further growth. With fintech innovation, government support, and increasing consumer confidence, the country is on track to solidify its position as a leader in Africa’s digital economy.
This historic achievement not only reflects the resilience of Nigeria’s financial system but also signals a brighter future for financial inclusion and economic development.
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