Nigeria’s electronic payment transactions reached a record-breaking N1.07 quadrillion in 2024, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).
This figure, approximately $702.6 billion at the exchange rate of N1,535 per dollar on December 31, 2024, marks an impressive 79.6% increase from the N600 trillion recorded in 2023.
The data revealed consistent growth throughout the year, with December 2024 emerging as the peak period due to increased festive spending. Nigerians conducted N115.1 trillion in electronic transactions in December alone.
In terms of volume, the number of transactions processed by NIBSS rose from 9.7 billion in 2023 to 11.2 billion in 2024, reflecting a 15.5% year-on-year increase.
The number of active bank accounts in Nigeria also grew to 311.6 million in 2024, indicating the expansion of electronic payment systems across the nation.
