The Nigeria Interbank Settlement System, in its latest release revealed that cashless transactions in Nigeria soared to N237 trillion in the first quarter of 2024.
According to data, the new figure represents an 88 per cent increase from the N126 trillion reported within the same period in 2023.
The analysis by BusinessDay found that electronic payment channels were utilized 3.09 billion times in the initial quarter, marking a 6.2 percent rise from the 2.91 billion times they were utilized during the same period in 2023.
According to NIBSS, the total value of instant payments in the initial three months amounted to N234.5 trillion, with PoS transactions reaching N2.6 trillion.
In 2023, cashless transactions surged to N611.06 trillion, marking a significant 54.55 percent year-on-year growth from N395.38 trillion recorded by the end of 2022.
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