Nigeria’s Instant Payment Transactions Hit Record N1.07 Quadrillion in 2024
By DAYO ADESULU
Nigeria Sees Unprecedented Growth in Digital Payments
The Nigeria Inter-Bank Settlement System (NIBSS) has reported a massive surge in instant payment transactions, with the total transaction value reaching N1.07 quadrillion in 2024—marking a 78% increase from N600.36 trillion in 2023.
Record-Breaking Transactions in December 2024
According to NIBSS data, December 2024 recorded the highest transaction value at N115 trillion, a sharp rise from N71.9 trillion in December 2023. Instant payment transaction volumes also peaked at 1.02 billion in May before slightly declining to 962.2 million by December.
Key Highlights from NIBSS Report
- Point-of-Sale (PoS) Transactions: Nigerians used PoS channels 1.38 billion times, transacting a total of N18.32 trillion in 2024.
- Mobile Money Operators (MMOs): Platforms like Opay, Palmpay, Moniepoint, and Kuda facilitated transactions worth N79.5 trillion, representing a 70.6% increase from N46.6 trillion in 2023.
- MMO Transaction Volume Growth: Increased from 3.04 billion in 2023 to 3.91 billion in 2024, reflecting a 28% growth.
The Rise of Digital Payments in Nigeria
The sharp increase in digital transactions underscores the growing adoption of electronic payments in Nigeria’s financial sector, fueled by mobile money platforms, fintech innovations, and real-time payment systems. The shift towards cashless payments continues to reshape the banking landscape, enabling faster, safer, and more efficient transactions.
What’s Next for Nigeria’s Digital Economy?
As digital payments become increasingly integrated into everyday life, industry experts predict further growth in mobile banking, fintech services, and blockchain-driven transactions. With continuous investments in financial technology and regulatory support, Nigeria is poised to become a leading digital payment hub in Africa.
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