The digital payment landscape in Nigeria witnessed a remarkable surge in the first quarter of 2024, with electronic payment transactions reaching a staggering N234 trillion. This substantial figure represents an impressive 89.3% increase compared to the N123.8 trillion recorded during the same period in 2023.
Data released by the Nigeria Inter-Bank Settlement System (NIBSS) revealed this notable uptick in e-Payment transactions, signaling a growing presence of digital financial services across the country.
Despite a slight decline of 7.92 percent in Point of Sale (POS) transactions during the period under review, from N2.84 trillion in Q1 2023 to N2.61 trillion in Q1 2024, the overall trend showcased a significant shift towards digital payment methods.
An in-depth analysis of the electronic payment sector unveiled compelling insights. In January, transactions amounted to N72.11 trillion, highlighting a substantial uptick in the adoption of digital financial services. This trend continued into February, with the overall transaction value surging to N79.33 trillion, reflecting the growing reliance on digital payment channels.
March witnessed a continuation of this upward trajectory, with electronic transactions surpassing a significant milestone at N83.05 trillion. The consistent growth observed throughout the quarter underscores the increasing preference for digital payment solutions and the evolving landscape of financial transactions in Nigeria.
The surge in e-Payment transactions signals a shift towards a cashless economy, driven by technological advancements and the growing accessibility of digital financial services. As Nigeria embraces the digital age, stakeholders in the financial sector are poised to capitalize on this momentum to further enhance the efficiency, security, and inclusivity of digital payment systems across the nation.
