Digital cost transactions in Nigeria rose to N1.07 quadrillion in 2024, reaching an all-time excessive and the primary time to hit the quadrillion mark, in response to the Nigeria Inter-Financial institution Settlement System.
The info launched by NIBSS confirmed that the worth recorded on the NIBSS Immediate Fee (NIP) represents a 79.6% improve over the N600 trillion recorded in 2023.
Whereas the e-payment information exhibits a gentle improve all through the 12 months of the 12 months, the best worth was recorded in December.
Being a festive interval with plenty of spending actions, Nigerians spent a complete of N115.1 trillion over digital channels in December 2024.
This got here because the all-time excessive month-to-month file on the NIBSS digital cost platform.
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The amount of transactions processed by NIBSS for the 12 months additionally jumped from 9.7 billion in 2023 to 11.2 billion in 2024.
This represents a 15.5% improve within the quantity of digital transactions 12 months on 12 months.
Trade analysts consider that the surge in e-payment transactions could be linked to the current money crunch expertise and the cashless coverage of the Central Financial institution of Nigeria (CBN) limiting the amount of money that may be withdrawn each day.
The NIBSS Immediate Funds (NIP) is an account-number-based, on-line real-time Inter-Financial institution cost resolution developed within the 12 months 2011 by NIBSS.
It’s the Nigerian monetary business’s most popular funds switch platform that ensures prompt worth to the beneficiary.
Apart from the money shortage skilled in March 2023, the revised cashless coverage carried out by the CBN which additional limits the amount of money that may be withdrawn from banks each day, has additionally been pushing e-payment progress.
