According to the latest data released by the Nigeria Inter-Bank Settlement System Plc (NIBSS), electronic payment transactions in Nigeria witnessed a remarkable surge in 2023, reaching a staggering total of ₦600 trillion for the year.
The monthly breakdown reveals a consistent upward trend throughout the year, with January starting at ₦38.77 trillion and December concluding with a remarkable ₦71.59 trillion. Notable spikes were observed in October and November, where transactions peaked at ₦59.05 trillion and ₦63.59 trillion, respectively.
This surge underscores the increasing reliance on electronic payment methods in Nigeria, reflecting a shift towards a cashless economy.
With the convenience and efficiency offered by electronic transactions, stakeholders anticipate further growth in the coming years.
