• Wednesday, February 28, 2024
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BusinessDay

Cashless transactions surge to N611trn in 2023 – NIBSS report

November records highest POS, NIP transactions in 2018 – NIBSS

The Nigeria Inter-Bank Settlement System (NIBSS) revealed that cashless transactions soared to N611.06 trillion in 2023, marking a significant 54.55 percent increase from the N395.38 trillion recorded in 2022.

NIBSS Instant Payments, launched in 2011, facilitates real-time inter-bank transfers, ensuring instant value transfer.

An analysis of NIBSS data indicated a 75.96 percent surge in electronic payment channel usage to 11.05 billion transactions in 2023.

The total value of instant payments reached N600.36 trillion, with point-of-sale transactions amounting to N10.7 trillion, emphasising Nigerians’ growing acceptance of cashless transactions.

Notably, December saw the highest transaction value of N71.9 trillion, reflecting increased digital transactions during the festive season. Despite March experiencing cash scarcity, e-payment volume peaked at 1.1 billion, albeit with a lower value compared to December.

NIBSS processed 9.7 billion transactions in 2023, a 90 percent increase from 2022, underscoring the nation’s rapid shift towards digital transactions.

Monthly electronic transactions ranged from N38.9 trillion in January to N48.3 trillion in March 2023, driven by the evolving cashless landscape.