Paystack transactions hit N1 trillion in one month

Paystack has announced that it processed N1 trillion worth of transactions for the first time in July 2024.

On its X handle, the payment company said, “For the first time ever, businesses in Nigeria sent and received over 1 trillion naira with Paystack, in a single month (July 2024).”

The firm reached the N1 billion transaction value mark in mid-2017. In November 2018, it announced that it had processed transactions worth N10 billion in a month.

“In mid-2017, we shared that customers were using Paystack to pay over N1 billion in monthly transaction value to Paystack merchants for the first time. “A year and three months later, we’re thrilled to announce that we’ve hit our next transaction milestone: customers are now using Paystack to pay over 10 billion naira (~$27.5 million) to Nigerian merchants, every month,” it said.

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), cashless transactions rose by 45.41 percent year-on-year to N39.58tn in January 2023. This was because the scarcity of physical naira prompted many to adopt digital channels.

As Q1 2023 ended, cashless transactions had increased by 44.84 percent to N126.73tn from N87.49tn in the corresponding period of 2022. By the end of the year, cashless transactions had peaked at over N600 trillion from N395.38 trillion in 2022 as more Nigerians embraced digital payment channels. This trend continued in 2024, with transactions growing by 88.09 percent to N237 trillion in the first quarter (Q1) of 2024.

Experts believe that the e-payment space is still growing as online transactions are becoming a preferred form of payment among large and small businesses. According to ACI Worldwide, a leader in real-time payments, Africa had the highest real-time share of electronic payments in 2023, at 40 percent, with Nigeria leading the region.