The Nigeria Inter-Bank Settlement System (NIBSS) has reported a considerable growth in instant payment transactions, with a total value of N1.07 quadrillion in 2024, up 78% from N600.36 trillion in 2023.
According to NIBSS data, the biggest transaction value in December 2024 was N115 trillion, up sharply from N71.9 trillion in December 2023. Instant payment transaction volumes peaked at 1.02 billion in May before falling slightly to 962.2 million by December.
Key findings from NIBSS data show that Nigerians used point-of-sale (PoS) channels 1.38 billion times, transacting a total of N18.32 trillion in 2024; operators such as Opay, Palmpay, Moniepoint, and Kuda recorded N79.5 trillion in transactions, up 70.6% from N46.6 trillion in 2023; and MMO Transaction Volume increased from 3.04 billion in 2023 to 3.91 billion in 2024, representing a 28% increase.
The high increase in digital payments demonstrates the growing acceptance of electronic transactions in Nigeria’s financial sector, which is being driven by mobile money platforms and real-time payment systems.
