e-Payment Transactions Hit N600trn In 2023

Electronic payment transactions in Nigeria rose to N600 trillion in 2023, representing a 55 per cent increase over the N387 trillion recorded in 2022.

This was disclosed by the Nigeria Inter-Bank Settlement System (NIBSS), in its recent data.

The data showed that Nigerians spent a total of N71.9 trillion through electronic channels in December 2023. This was the highest monthly record ever recorded on the NIBSS electronic payment system.

Also, the NIBSS statistics indicated that in March 2023, when Nigerians were forced to deal through electronic channels due to cash scarcity, e-payment volume reached an all-time high of 1.1 billion. The figure for the month was lower than the one that was noted in December of the same year, though.

Concurrently, the amount of transactions handled by NIBSS increased from 5.1 billion in 2022 to 9.7 billion in 2023. This is a rise of 90 per cent, from the previous year.

When the value of electronic transactions is broken down month by month, it can be seen that Nigerians spent N38.9 trillion on electronic platforms in January 2023 and N36.8 trillion in February of the same year.