According to data released by the Nigeria Inter-Bank Settlement Systems (NIBSS), 17 licensed mobile money operators facilitated transactions valued at N46.6 trillion in 2023. This marks the country’s highest annual mobile money transactions, representing a significant 140% increase compared to the N19.4 trillion transactions recorded in 2022.
As noted by analysts, the surge in mobile money transactions indicates a growing adoption of mobile money operations facilitated by financial technology. Additionally, the volume of mobile money transactions experienced a remarkable 326% increase during the year under review.
In 2022, the volume of mobile transactions in Nigeria amounted to 714 million, while in 2023, it surged to 3.04 billion mobile money transactions.
Furthermore, NIBSS data revealed that electronic payments in Nigeria totalled N611.06 trillion in 2023, marking a substantial 54.55% growth from the N395.38 trillion recorded in 2022. The volume of transactions processed by NIBSS for the year also increased from 5.1 billion in 2022 to 9.7 billion in 2023.
Analysis of the data by NIBSS indicated that instant payment channels, including mobile, recorded a usage volume of 9.67 billion, while Point of Sale (PoS) terminals recorded 1.38 billion transactions.
The data also highlighted that electronic payment channels were utilized 11.05 billion times in 2023. Notably, Nigerians spent N71.9 trillion over electronic channels in December, marking the highest value recorded for the year.
In March 2023, electronic payment volume reached an all-time high of 1.1 billion transactions, coinciding with a period of cash scarcity, compelling Nigerians to transact through electronic channels. Throughout the year, the value of electronic transactions showed a steady increase, with significant spikes observed in January, February, and March.
The data underscores the growing reliance on electronic payment channels in Nigeria’s financial landscape, reflecting the shift towards a cashless economy.
