The Nigeria Inter-Bank Settlement System, NIBSS’s, has announced that the country’s cashless transactions rose to N295 trillion in the first quarter of 2025, up from N237.11 trillion in the corresponding quarter of 2024.
This follows an NIBSS report revealing that the number of active bank accounts in the country increased to 320 million within the same period.
NIBSS disclosed this in its latest report on the country’s financial sector.
According to the data, the report highlighted the growing reliance on digital payments nationwide.
Details from the report showed that electronic payment channels were used 2.21 billion times in Q1, while point-of-sale, PoS terminals recorded 776.94 million transactions.
The NIBSS report corroborates ACI Worldwide data, which indicated that the volume of Nigeria’s real-time payment transactions will reach 19.7 billion by 2028, up from 7.9 billion in 2023.
“In Nigeria, real-time payments are quickly becoming a viable alternative to cash, historically the dominant choice for payments in the country,” ACI said.
