Nigeria’s transition toward a fully cashless economy is gaining strong momentum, with electronic payment transactions rising to N384 trillion in July 2025, according to data from the Central Bank of Nigeria (CBN).
The figure represents a sharp increase from N280 trillion recorded in August 2024, reflecting growing confidence in digital payment systems and a rapid evolution in the nation’s financial landscape.
CBN Governor Olayemi Cardoso made the disclosure on Monday during the opening ceremony of the Nigeria Fintech Week 2025 in Lagos. Represented by Opemi Yusuf, the Director of Payment System Supervision at the apex bank, Cardoso said the surge underscores the expanding adoption of digital channels by individuals, businesses, and government institutions across the country.
“In the past year, we have witnessed remarkable growth in electronic transactions, rising from 3.9 billion valued at N280 trillion in August 2024 to 4.12 billion valued at N384 trillion by July 2025,” Cardoso said.
The CBN governor attributed the growth to reforms aimed at improving payment infrastructure, strengthening cybersecurity frameworks, and encouraging innovation in the fintech ecosystem. He noted that the expansion of instant payment platforms, mobile banking, and agent networks had made digital transactions more accessible to Nigerians in both urban and rural areas.
Cardoso reaffirmed the CBN’s commitment to deepening financial inclusion through policies that enhance interoperability, promote competition, and reduce transaction costs within the financial system.
Experts at the event described the trend as a major milestone in Nigeria’s digital finance evolution, noting that the sustained rise in cashless transactions would improve transparency, curb financial leakages, and enhance efficiency in both private and public sectors.
With over 4.12 billion transactions recorded in a single month, Nigeria now stands among Africa’s fastest-growing digital payment markets, highlighting the country’s increasing readiness for a technology-driven financial future.
