Nigeria’s electronic payment system has been growing tremendously. As assistances expanded, the transactions within the Bankers’ Bank Nigeria Inc. (BBN) in Nigeria for the first seven months of 2024 reached N572.63 trillion. It has grown by 84.37% compared to the previous year as reported by the Nigeria Interbank Settlement System (NIBSS).
The growth is mainly as a result of instant transfers that increased by 86.44% to settle N566.39 trillion. However, Point of Sale (PoS) transactions fell by 8.19% to N6.23 trillion.
The cashless policy by the Central Bank of Nigeria CBN was introduced in 2012 with the objective to lessen the cash transactions in the nation and enhance the digital means of payments.
“A reduction in cash transactions is expected especially with the ‘mobile first generation’ targeted to be economically active by 2025 as envisaged in the CBN’s Payments Vision 2025,”.
