Electronic payment (e-Payment) transactions in Nigeria witnessed a remarkable surge in the first quarter (Q1) of 2024, hitting a total of N234 trillion, which was an 89.3 percent increase from the N123.8 trillion recorded in the corresponding period of 2023.
The significant growth trajectory was unveiled in latest data released by the Nigeria Inter-Bank Settlement System (NIBSS), highlighting the expanding digital footprint within the country’s financial ecosystem.
However, Point of Sale (POS) transactions witnessed a 7.92 percent downturn in the review period, dropping from N2.84 trillion in Q1 2023 to N2.61 trillion in the first quarter of this year.
A breakdown of the electronic payment landscape revealed that January witnessed transactions amounting to N72.11 trillion, indicating a substantial uptake in digital financial services. This trend continued into February, with the total transaction value surging to N79.33 trillion, reflecting sustained momentum and increasing reliance on electronic payment platforms. As the quarter progressed, March saw a further increase in electronic transactions, reaching a noteworthy N83.05 trillion.
The consistent growth witnessed month-on-month underscored the burgeoning prominence of e-payment solutions in Nigeria’s financial landscape, signifying a shift towards greater digitalisation and efficiency in financial transactions.
Comparing this to 2023, the first quarter breakdown of the analysis of electronic transactions value in Nigeria revealed that in January 2023, Nigerians engaged in electronic transactions amounting to N38.8 trillion on various platforms.
Subsequently, in February, the value of e-payments stood at N36.8 trillion while in March 2023, the country witnessed a further increase in electronic transactions, reaching N48.3 trillion.
However, a separate data on PoS transactions for the first quarter of 2024, indicated a fluctuating trend. For instance, January saw transactions amounting to N850.09 billion, followed by a slight decrease in February to N805.05 billion. However, March witnessed a notable increase, reaching N961.86 billion. Cumulatively, the three months’ figures sum up to N2.61 trillion.
For the year 2023, the breakdown of value in PoS transactions revealed transaction values in January saw a robust start with transactions amounting to N807.16 billion. The momentum continued into February, with a notable increase in transaction values, reaching N883.45 billion while March recorded a substantial surge, marking a peak in PoS transaction values at N1.15 trillion, the peak month for 2023.
Additionally, data on Bank Verification Number (BVN) enrolment revealed that as of April 2024, the total count was 61,605,261 individuals.
This marked a noteworthy uptick of 1,449,901 registrations over the span of four months, compared to the figure of 60,115,360 people recorded at the close of 2023.
Nume Ekeghe
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