The Central Bank of Nigeria( CBN)’s push towards digitalising the nation’s payment system has shown remarkable success, with electronic payment transactions surpassing N600 trillion in 2023, marking a significant surge from the N387 trillion recorded in 2022.
This represents a staggering 55 percent year-on-year increase. Data from the Nigeria Inter-Bank Settlement System (NIBSS) reveals a remarkable 90 percent increase in transaction volume, soaring from N5.1 billion in 2022 to N9.7 billion in 2023.
The NIBSS Instant Payment (NIP) data highlights a consistent monthly increase in transaction value throughout the year, with December recording the highest value at N71.9 trillion.
March 2023 witnessed a historic peak in e-payment transactions, with the volume reaching a record-high of N1.1 billion. It’s noteworthy that despite this surge, the total value of transactions in March did not surpass December’s figures.
This surge in e-payments coincided with a period of cash scarcity in country, prompting millions of Nigerians to rely on electronic channels for their transactions, following the CBN’s directive to withdraw high denomination currencies from circulation and mint new naira notes.
The success of the nation’s e-payment ecosystem underscores the crucial role of digitalisation in fostering financial inclusion and driving economic growth. As the nation continues on this trajectory, sustained efforts towards enhancing digital infrastructure and promoting financial literacy will be paramount in consolidating these gains and ensuring the resilience of the digital economy.
