Electronic payment transactions in Nigeria rose to N234.4 trillion in the first quarter (Q1) of 2024.
This is according to data released by the Nigeria Inter-Bank Settlement System (NIBSS).
The data shows that the value recorded on the Instant Payment (NIP) represents an 89 per cent increase over the N123.9 trillion recorded in Q1 2023.
While the NIP transaction value rose to N72.1 trillion in January from N71.9 trillion recorded in December 2023, the value of electronic payments increased further to N79.3 million in February and by March, it grew to an all-time high of N83 trillion.
The NIBSS data further showed that e-payment volume also maintained a steady rise in the first quarter. An analysis of the monthly data reveals that transaction volume stood at 887.58 million in January. In February, the volume of transactions rose to 905 million, while a total of 986.6 million transactions were recorded in March.
