The volume of cashless transactions surges to N611 trillion, according to NIBSS

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The Nigeria Inter-Bank Settlement System revealed that cashless transactions in 2023 surged to N611.06tn, marking a remarkable 54.55% year-on-year growth from N395.38tn in 2022.

 

NIBSS Instant Payments, established in 2011, serves as the nation’s real-time inter-bank payment solution, witnessing an unprecedented rise in electronic channels usage by 75.96%, totaling 11.05 billion transactions in 2023 compared to 6.28 billion in the previous year.

The data further highlighted that instant payments reached N600.36tn, with Point of Sales transactions hitting N10.7tn and being relied upon 1.38 billion times.

 

This surge reflects an increasing acceptance of cashless payments among Nigerians.

 

Notably, December saw the highest transaction value of N71.9tn, emphasizing a festive season peak.

In March 2023, amid cash scarcity, e-payment volumes reached an all-time high of 1.1 billion, although the value was surpassed by December transactions.

 

The overall transactions processed by NIBSS soared to 9.7 billion in 2023 from 5.1 billion in 2022, marking a 90% year-on-year increase.

Examining monthly values, January and February recorded N38.9tn and N36.8tn, respectively.

 

March witnessed a notable spike to N48.3tn, driven by the prevailing cash scarcity.

 

The data suggests a consistent rise in electronic transactions throughout the year, showcasing the growing reliance on digital payment methods in Nigeria.

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