The value of electronic transactions in Nigeria soared by 79% in 2024, reaching a record N1.08 quadrillion, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). The surge highlights growing adoption of digital payments, with transactions rising from N72.11 trillion in January to N115.12 trillion in December.

Transaction volume also increased by 13.69% to 13.92 billion, with the highest recorded in May (1.02 billion) and the lowest in June (871.66 million).

The shift towards digital payments follows the Central Bank of Nigeria’s (CBN) revised cash withdrawal policy, implemented in January 2023, aimed at reducing physical cash usage and promoting financial inclusion. The EFInA Access to Finance Survey revealed that financial inclusion rose to 74% in 2023 from 68% in 2020.

Experts attribute the growth to increased mobile banking agents and improved reliability of digital transactions. However, concerns remain about cyber threats, with calls for stronger security measures to sustain the cashless economy.