The volume of electronic payment transactions reached N600 trillion in 2023, reaching a record-breaking level as an increased number of Nigerians adopt the use of cashless payment methods.
Based on the information provided by the Nigeria Inter-Bank Settlement System (NIBSS), the value reported on the NIBSS Instant Payment (NIP) has seen a significant increase of 55% compared to the N387 trillion recorded in 2022.
Throughout the 12 months of the year, the e-payment data consistently indicates growth. However, the month of December stands out with the highest recorded value. As it is a time of celebration and increased consumer expenditure, Nigerians made electronic transactions totaling N71.9 trillion in December 2023.
The NIBSS electronic payment platform reached its highest-ever monthly record, indicating a significant milestone.
According to NIBSS data, the volume of e-payments reached a record-breaking 1.1 billion transactions in March 2023. This surge in e-payments coincided with a period of cash scarcity in Nigeria, forcing people to rely on electronic channels for their transactions.
However, it is worth mentioning that the total value of e-payments in March did not surpass the amount recorded in December of the same year.
