Cashless Transactions Hit N611.06 Trillion In 2023 – NIBSS Report
The Nigeria Inter-Bank Settlement System (NIBSS) has disclosed that cashless transactions in Nigeria surged to N611.06 trillion in 2023.
The organization reported that payments increased from N395.38 trillion at the end of 2022, indicating a 54.55 percent year-on-year growth.
The NIBSS Instant Payments is an account-number-based, online real-time Inter-Bank payment solution developed in the year 2011 by NIBSS. It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.
According to NIBSS, over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branches, kiosks, mobile apps, Unstructured Supplementary Service Data, POS, ATM, etc., to their customers.
Analysis of the data revealed that electronic payment channels were utilized 11.05 billion times in 2023, marking a significant 75.96 percent increase from the 6.28 billion times they were used in 2022.
In 2023, the total value of instant payments amounted to N600.36 trillion, while Point of Sales (POS) transactions totalled N10.7 trillion and accounted for 1.38 billion transactions.
This surge, reaching an all-time high, suggests a growing acceptance of cashless payments among Nigerians.
The e-payment data showed a steady increase throughout the year, with the highest value recorded in December.
During the festive period, characterized by increased spending activities, Nigerians spent a total of N71.9 trillion over electronic channels in December 2023.
NIBSS data also indicated that e-payment volume peaked at an all-time high of 1.1 billion in March 2023.
This surge coincided with a period of cash scarcity in Nigeria, compelling individuals to resort to electronic transactions. However, the value for March was not as high as what was recorded in December of the same year.
Meanwhile, the volume of transactions processed by NIBSS surged from 5.1 billion in 2022 to 9.7 billion in 2023, marking a substantial 90% increase year-on-year.
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