eria’s Real-Time Payment Adoption Surges, CBN Report Shows**
More than one-quarter of all electronic transactions in Nigeria are now processed through real-time systems, according to a new report from the Central Bank of Nigeria (CBN). The data highlights the country’s rapid advancement in digital payments and its leading position in Africa.
The CBN’s 2024 Fintech Report reveals that the volume of electronic transactions reached nearly 11 billion last year, a significant increase from five billion in 2022. This growth trajectory has positioned Nigeria among the world’s top adopters of electronic payments and as a clear leader on the African continent.
The proliferation of real-time channels is largely driven by the Nigerian Inter-Bank Settlement System (NIBSS) Instant Payments (NIP) platform, which processes the majority of these swift transactions. The central bank stated that over 25% of all electronic transactions utilize these real-time rails, underscoring the infrastructure’s critical role in the national payments ecosystem.
This expansion coincides with the rise of fintech-driven banks and payment service providers. Institutions such as Opay, Moniepoint, and Palmpay have seen widespread adoption across Nigeria, contributing directly to the surge in transaction volumes reported by the CBN. Their mobile-first, accessible services have been instrumental in bringing digital payments to a broader population.
The CBN linked this performance to its strategic objectives, noting that the trend aligns with the Payments System Vision 2025. This policy framework targets near-universal electronic payment penetration across Nigeria. The sustained growth in transaction values and the dominance of real-time processing suggest the country is on a pathway to meet that ambition.
The report’s findings validate ongoing investments in payment system modernization and financial inclusion initiatives. By enabling fast, reliable, and ubiquitous digital transactions, Nigeria’s experience offers a reference point for other economies seeking to accelerate cashless adoption. The continued scaling of platforms like NIP and the expanding fintech sector are expected to remain central to this evolution.
