Recent data released by the Nigeria Inter-Bank Settlement System (NIBSS) revealed that Nigeria’s electronic payment transactions reached a historic high of N1.07 quadrillion in 2024.
This figure translates to approximately $702.6 billion based on the closing exchange rate of N1,535 per dollar on December 31, 2024.
The data showed a 79.6% increase over the N600 trillion recorded in 2023. The value of transactions recorded on the NIBSS Instant Payment (NIP) platform saw a steady rise throughout the year, with the highest value recorded in December at N115.1 trillion, likely due to increased spending during the festive period.
Additionally, the volume of transactions processed by NIBSS increased from 9.7 billion in 2023 to 11.2 billion in 2024, marking a 15.5% year-on-year increase. The number of active bank accounts in Nigeria also grew to 311.6 million in 2024.
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