Paul Onehi
The Nigeria Inter-Bank Settlement System (NIBSS) has released its latest report, highlighting a substantial increase in instant payment transactions. In 2024, the total transaction value skyrocketed to N1.07 quadrillion, representing a remarkable 78% growth from N600.36 trillion in 2023.
According to NIBSS data, December 2024 recorded the highest transaction value, reaching N115 trillion, a significant surge from N71.9 trillion in December 2023. Additionally, instant payment transaction volumes peaked at 1.02 billion in May 2024, before slightly declining to 962.2 million by December 2024.
These figures underscore the growing adoption and reliance on instant payment systems in Nigeria, reflecting the country’s accelerating digital payment landscape.
Nigeria’s Digital Payment Landscape Sees Significant Growth in 2024
Key statistics from the Nigeria Inter-Bank Settlement System (NIBSS) reveal a substantial increase in digital transactions in 2024. The data highlights:
Point-of-Sale (PoS) transactions soared to 1.38 billion, with a total transaction value of N18.32 trillion.
Mobile Money Operators (MMOs) such as Opay, Palmpay, Moniepoint, and Kuda facilitated transactions worth N79.5 trillion, representing a 70.6% increase from N46.6 trillion in 2023. The total Mobile Money Transaction Volume grew by 28% to 3.91 billion in 2024, up from 3.04 billion in 2023.
These figures demonstrate the accelerating adoption of digital payment channels in Nigeria, underscoring the country’s progress toward a cashless economy.
