of OKORO CHINEDU in Lagos, Nigeria
Nigerian Office
LAKES, (CAJ News) – The total value of electronic transactions in Nigeria has reached a record N345.1 trillion (US$767.69 billion).

The January-November 2022 figure represents a 43 percent increase from the previous one.

The latest data from the Nigerian Interbank Settlement System (NIBSS) indicates that the total value of electronic transactions recorded on the NIBSS Instant Payments (NIP) platform increased by 13% MoM and 51% YoY. YoY to N39 trillion last November.

The November figure represents the highest value of monthly transactions recorded on the platform.

FBN Quest believes this largely reflects the sustained growth of electronic payments in Nigeria, Africa’s largest economy and largest country by population, estimated at 218 million people.

“The PIN platform has become one of the preferred payment methods,” said the market observer.

The steady rise of mobile telephony and growing internet penetration in this West African country are fueling the growth of electronic payments.

Meanwhile, the relevance of checks is waning.

Payments through the channel were stable year-on-year at Naira 280 billion.

“Payments made by check are gradually becoming less popular,” FBN Quest stated.

The think tank believes that the Central Bank of Nigeria’s decision to limit weekly cash withdrawals for individuals and corporate entities, with the aim of reducing the circulation of the Naira currency, will further accelerate the growth of electronic payments in its various payment channels.

– CAJ News