Banking & Finance

e-Payment Transactions Surge by 89.3% to ₦234tr in Q1 2024

Electronic payment (e-Payment) transactions in Nigeria witnessed a remarkable surge in the first quarter (Q1) of 2024, hitting a total of N234 trillion, which was an 89.3 per cent increase from the N123.8 trillion recorded in the corresponding period of 2023.

The significant growth trajectory was unveiled in latest data released by the Nigeria Inter-Bank Settlement System (NIBSS), highlighting the expanding digital footprint within the country’s financial ecosystem.

However, Point of Sale (POS) transactions witnessed a 7.92 per cent downturn in the review period, dropping from N2.84 trillion in Q1 2023 to N2.61 trillion in the first quarter of this year. A breakdown of the electronic payment landscape revealed that January witnessed transactions amounting to N72.11 trillion, indicating a substantial uptake in digital financial services. This trend continued into February, with the total transaction value surging to N79.33 trillion, reflecting sustained momentum and increasing reliance on electronic payment platforms.

As the quarter progressed, March saw a further increase in electronic transactions, reaching a noteworthy N83.05 trillion. The consistent growth witnessed month-on-month underscored the burgeoning prominence of e-payment solutions in Nigeria’s financial landscape, signifying a shift towards greater digitalisation and efficiency in financial transactions.

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