To ₦611.06 trillion, cashless transactions have increased by 54.55%. -NIBSS
Over a year, cashless transactions rose from ₦395.38 trillion in 2022 to ₦611.06 trillion in 2023, a 54.55% rise.
In a year, there was a 54.55% growth in cashless transactions.
Recent data from the Nigeria Inter-Bank Settlement System (NIBSS) indicates that within a year, the value of cashless transactions rose from ₦395.38 trillion in 2022 to ₦611.06 trillion in 2023, a 54.55% rise.
According to NIBSS data, the entire amount processed on the Nigeria Instant Payment System and Point of Sales terminals was included in the ₦611.06 trillion handled in 2023.
In 2023, the aggregate amount of immediate payments was documented at ₦600.36 trillion, whereas point-of-sale transactions amounted to ₦10.7 trillion and supported 1.38 billion transactions.
Because cashless transactions are so convenient, bank clients have been using them more and more over the years. Nigeria’s use of electronic payment channels increased dramatically during the COVID-19 pandemic and has continued to develop ever since.
According to NIBSS data, cashless transactions in Nigeria increased by 42.05% in 2022 to reach ₦395.47 trillion. This indicates that Nigerians processed ₦117.07 trillion more cashless payments in 2022 than they did in 2021, when they processed ₦278.39 trillion.
Customers utilized electronic payment channels a total of 11.05 billion times in 2023, according to a breakdown of the NIBSS data. Compared to the 6.28 billion times customers used the electronic channel in 2022, this number indicates a 75.96% increase.
The number for 2023 demonstrated an all-time high for electronic transactions as well as Nigerians’ widespread acceptance of cashless and electronic payment methods.
A closer examination of the e-payment statistics revealed that December 2023 saw the highest amount of cashless transactions, totaling over ₦71.9 trillion.
Additionally, there was a 90% rise in the overall volume of transactions processed in 2023 compared to 2022, going from 5.1 billion to 9.7 billion.
In the meantime, March 2023 saw an all-time high of approximately 1.1 billion e-payment transactions. This took place at the height of the cash shortage brought on by the CBN Naira redesign program.
