E-Payment Transactions in Nigeria Hit N600 Trillion in 2023 - NIBSS

• Feb 11, 2024
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Electronic payment transactions in Nigeria reached an all-time high in 2023, with a staggering total value of N600 trillion. This remarkable surge represents a 55% increase compared to the previous year’s figure of N387 trillion.

Key Highlights:

1. Record-Breaking Figures:
• The Nigeria Inter-Bank Settlement System (NIBSS) reported that e-payment transactions soared to unprecedented heights throughout 2023.
• In March 2023, the volume of e-payment transactions peaked at 1.17 billion, followed closely by 968 million transactions in December.
• The total value of point-of-sale (PoS) transactions for 2023 amounted to N10.73 trillion, a significant increase from the N8.39 trillion recorded in 2022, reflecting a 27.85% growth.
2. Monthly Breakdown:
• January 2023 witnessed Nigerians engaging in electronic transactions totaling N38.8 trillion across various platforms.
• February saw the value of e-payments reach N36.8 trillion.
• March experienced a substantial surge, reaching N48.3 trillion, driven by the scarcity of cash during that period.
• The trend continued with N41.3 trillion in April, N45.9 trillion in May, and N45.3 trillion in June.
• July marked a leap to N47.4 trillion, followed by N50.9 trillion in August and N51 trillion in September.
• October and November saw transaction values stand at N59 trillion and N63.6 trillion, respectively.
• Finally, December reached the pinnacle with the highest recorded value of N71.9 trillion.
3. Monthly Transaction Volumes:
• January started with 541 million transactions, which increased to 787.9 million in February.
• March recorded the highest volume of transactions at 1.17 billion, followed by a decline to 813.9 million in April.
• May saw a further decline to 771.8 million, while June had 729.06 million transactions.
• July and August continued the upward trend with 743.15 million and 755.94 million transactions, respectively.
• September slightly declined to 745 million, followed by an uptick to 807.69 million in October and 828.17 million in November.
• The year concluded with 968.59 million transactions in December.
4. Point-of-Sale (PoS) Transactions:
• The value of PoS transactions exhibited fluctuations:
• January: N807.16 billion
• February: N807.16 billion
• March (peak): N807.16 billion
• April: N807.16 billion
• May: N807.16 billion
• June: N807.16 billion
• July: N807.16 billion
• August: N807.16 billion
• September: N807.16 billion
• October: N807.16 billion
• November: N807.16 billion
• December: N807.16 billion.

In summary, Nigeria’s embrace of cashless payments has led to an extraordinary surge in e-payment transactions, positioning the country at the forefront of digital financial inclusion. The NIBSS continues to play a pivotal role in shaping the landscape of electronic payments, fostering financial efficiency, and driving economic growth.