E-payment Transactions in Nigeria Surge 59% to N284.4 Trillion in 2024
The electronic payment (e-payment) landscape in Nigeria recorded significant growth in 2024, with transactions soaring by 59.3% year-on-year (YoY) to N284.4 trillion, compared to N178.5 trillion in 2023.
This remarkable surge underscores the nation’s growing adoption of digital financial services.
Key Insights from the NIBSS Report
According to data analyzed from the Nigeria Interbank Settlement System (NIBSS), the NIBSS Instant Payment (NIP) platform led the e-payment ecosystem in 2024.
It achieved the highest transaction volume of 10.47 billion and a value of N105 trillion.
In the same period, Mobile Money Operations (MMOs) experienced notable growth, with transaction values reaching N79.7 trillion across 3.92 billion transactions.
Growth Trends and Highlights
NIP Transactions:
Volume increased by 92%, rising from 8.49 billion in 2023 to 10.47 billion in 2024.
However, the value dipped by 8.69%, dropping from N115 trillion in 2023 to N105 trillion in 2024.
Mobile Money Operations:
Transaction volume rose by 28.9% YoY, from 3.04 billion in 2023 to 3.92 billion in 2024.
The transaction value jumped significantly by 70%, from N46.77 trillion in 2023 to N79.7 trillion in 2024.
Fraud Landscape and Security Measures
The NIBSS 2023 Fraud Landscape Report highlighted a reduction in fraud cases, with incidents dropping from 101,669 in 2022 to 95,620 in 2023.
Despite this improvement, the mobile e-payment channel remained the most targeted avenue for fraudulent activities, recording a 5% increase compared to 2022.
This surge in digital payments highlights the increasing reliance on technology for financial transactions across Nigeria. However, stakeholders must prioritize security to sustain trust in the digital economy.
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