Nigeria’s shift toward a cashless economy is gaining momentum, with digital payments transforming how businesses operate across the country. Recent data show that Nigeria processed 7.9 billion real‑time transactions in 2024, making it Africa’s leading real‑time payments market. Projections suggest that real‑time payments could account for 50.1 % of all transactions by 2028.
The growth of digital payments in Nigeria is backed by hard numbers. In the first quarter of 2025, electronic payment transactions reached ₦284.99 trillion, a 17.7 % increase from the same period in 2024. Point‑of‑sale (PoS) payments alone rose to ₦10.45 trillion, more than double the amount recorded a year earlier. The number of active PoS terminals also grew, from 5.5 million in January 2025 to 5.9 million in March 2025. The Central Bank of Nigeria (CBN) reported a rise in electronic payment volumes, from 3.9 billion in August 2024 to 4.12 billion in July 2025, reflecting increasing adoption of digital payment channels. Additionally, the number of Nigerians holding formal bank or wallet accounts increased, with 66.2 million BVN‑linked bank account holders reported in August 2025.
The rise of digital payments has had a positive impact on the economy. Real‑time payments contributed around US$7 billion to Nigeria’s GDP in 2023, a figure expected to grow to US$15 billion by 2028. For businesses—particularly small and medium‑sized enterprises (SMEs)—digital payments have improved cash flow and reduced operational risk. However, rapid growth also brings challenges, including network pressures and fraud concerns. Addressing these issues will require stronger authentication, better user education, and tighter monitoring.
Despite the challenges, the data indicate that Nigeria is moving steadily toward a cash‑light economy, with real‑time payments at the center of this shift. As digital payments become more widespread, they have the potential to enhance financial inclusion, reduce poverty, and drive economic growth. Ensuring the right infrastructure and regulations are in place, and that benefits are equitably distributed, will be essential as the country continues its digital transformation.
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