The value of electronic payment (E-payment) transactions grew by sisxty-six percent to six hundred and sixty-four point two one trillion naira in 2023 from three hundred and eighty-seven trillion naira in 2022.
This reflects Nigerians’ increased adoption of electronic payment channels, driven by cash scarcity and increased financial inclusion.
Following the same trend, the volume of electronic payment transactions increased by two hundred and forty percent to seventeen point three-four billion naira from five point one billion naira in 2022.
According to the Nigerian Interbank Settlement System (NIBSS) e-payment data for 2023, the highest volume of transactions was recorded in December, reflecting increased spending due to the festive season while the lowest volume was recorded in March.
Furthermore, the highest value of transactions was recorded in December 2023 while the lowest was recorded in February 2022.