NIBSS: E-payment transactions rose to N1 quadrillion in 2024 — up by N469trn

Nigeria Inter-Bank Settlement System (NIBSS) says the total value of instant payments in 2024 increased to N1.07 quadrillion — up from N600.36 trillion recorded in 2023.

The figure represents an increase of 78 percent or N469.74 trillion.

Instant payment is an account-based, real-time electronic funds transfer (EFT) platform.

It enables financial institutions to provide online real-time funds transfer services to their customers through all available electronic channels.

According to data from NIBSS, the highest value of instant payment was recorded in December with N115 trillion – up from N71.9 trillion recorded in the same month of the previous year.

In terms of volume, instant payment transactions also increased and had an all-time high record of 1.02 billion in May 2024, but declined to 962.2 billion in December.

The NIBSS said Nigerians used point of sales (PoS) channels 1.38 billion times, amounting to N18.32 trillion transacted in 2024.

Also, the firm said mobile money operators (MMOs) such as Opay, Palmpay, Moniepoint, and Kuda had recorded N79.5 trillion transactions in 2023.

NIBSS said the figure is higher compared to the N46.6 trillion transactions recorded in 2023 — up by 70.6 percent.

In the year under review, the volume of MMO transactions stood at 3.91 billion compared to the 3.04 billion volume recorded in 2023.

NIBSS data also showed that the volume of transactions skyrocketed by 28 percent in 2024.