In the wake of a digital revolution, Nigeria’s cashless transactions have skyrocketed to an impressive N611.06 trillion in 2023, marking a significant leap from N395.38 trillion in 2022, as revealed by the Nigeria Inter-Bank Settlement System (NIBSS).
The exponential 54.55% year-on-year growth underscores a remarkable shift towards cashless payments. Within this burgeoning landscape, Nigerian banks have proactively promoted the Nigerian Interbank Payment System (NIP) through diverse channels such as internet banking, bank branches, kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), point of sale (POS) terminals, and ATMs.
Evidently, electronic payment channels were accessed a staggering 11.05 billion times in 2023, reflecting a substantial 75.96% surge from 2022, alongside an all-time high total value of instant payments, reaching N600.36 trillion. Moreover, Point of Sales (POS) transactions accounted for N10.7 trillion, facilitating 1.38 billion transactions.
The data also illuminates the steady proliferation of cashless transactions throughout the year, culminating in a zenith during the festive season, with Nigerians transacting a colossal N71.9 trillion over electronic channels in December 2023.
The remarkable milestone of 1.1 billion e-payment transactions in March 2023 paints a vivid picture of Nigerians’ reliance on electronic channels during a period of cash scarcity, even though the value did not surpass that of December. Notably, the volume of transactions managed by NIBSS surged to 9.7 billion in 2023 from 5.1 billion in 2022, representing a substantial 90% annual increase.
Delving into a monthly breakdown, the value of electronic transactions in January 2023 spiked to N38.9 trillion, followed by N36.8 trillion in February, and a remarkable surge to N48.3 trillion in March, catalyzed by cash shortages. The subsequent months saw a sustained momentum with the e-payment value hovering around N41-51 trillion. Ultimately, December capped the year with a record-breaking N71.9 trillion in electronic transactions.
The impetus for this surge in cashless transactions can be attributed in part to the Central Bank of Nigeria’s policy measures, including naira redesign and withdrawal limits instituted from December 2022. Emphasizing the shift, the apex bank advocated the use of alternative channels, such as internet banking, mobile apps, USSD, cards/POS, and the eNaira, to conduct financial transactions.
The trajectory of Nigeria’s cashless economy in 2023 vividly signifies a nation embracing the digital transformation with openness and agility, illuminating the potential for sustained growth and innovation on a global scale.
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