Nigeria’s electronic payment transactions hit a historic high of N1.07 quadrillion in 2024.
This feast was revealed in recent data released by the Nigeria Inter-Bank Settlement System.
The data showed that the N1.07 quadrillion mark is about $702.6 billion based on the closing exchange rate of N1,535 per dollar on December 31, 2024.
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Accordingly, the value recorded on the NIBSS Instant Payment, NIP, represents a 79.6 percent increase over the N600 trillion recorded in 2023.
While the e-payment data shows a steady increase throughout the 12 months of the year, the highest value was recorded in December.
Being a festive period with lots of spending activities, Nigerians spent a total of N115.1 trillion over electronic channels in December 2024 only.
Meanwhile, the volume of transactions processed by NIBSS for the year also jumped from 9.7 billion in 2023 to 11.2 billion in 2024.
This represents a 15.5 percent increase in the volume of electronic transactions year on year.
Similarly, NIBSS data indicated that active bank accounts in Nigeria hit 311.6 million in 2024.
