Electronic Transactions Rise by 22% N285trn in Q1
Despite increased network glitches across networks in the first three months of 2025, electronic payment transactions, across various platforms, rose by 22 per cent to N284.9 trillion in the first quarter of 2025.
Latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showed that within the same period in 2024, the transaction value was N234.4 trillion. Nigeria travel packages
These electronic payment transactions cut across Internet banking, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATM, among others.
Indeed, from January to March, Nigerians performed transactions worth N100 trillion as of the first month of 2025 over the platforms. In February, the value of NIP transactions stood at N88.8 trillion, while the value jumped again to N96 trillion in March.
NIBSS revealed that the volume of transactions across all the electronic platforms stood at 792 million in January, dropped to 687.5 million in February and rose slightly to 735.5 million in March.
According to the NIBSS, the rise in e-payment transaction value and volume is attributable to several factors, including the recent cash scarcity, which forced many businesses to start accepting transfers and other forms of electronic payments from their customers.
Industry analysts also believe that the growing influence of fintechs in the Nigerian market is fueling an increase in account openings by individuals and small businesses, thus adding to the number of performing transactions electronically. Nigeria travel packages
To further boost the e-payment sub-sector, the NIBSS has unveiled a new payment solution called National Payment Stack (NPS). Some of the features of the new payment platform include real-time transactions and instant settlements,
Others are advanced payment messaging using ISO 20022, bulk and single payments on one rail, more efficient dispute management system, KYC verification via BVN, RC Number or TIN, request-to-Pay and Direct Debit capabilities, multi-currency readiness and cross-border potential, sandbox-enabled integration for partners in as little as 48 hours, improved fraud management and risk rating capabilities, among others.