E-payment in Nigeria surges to N295.5trn in Q1 2025
Agency Report
Electronic payments in Nigeria’s surged by 24.4 percent year-on-year to ₦295.5 trillion in the first quarter of 2025 as the country rapidly shifts toward a cashless economy.
The latest data from the Nigeria Interbank Settlement System (NIBSS) showed an increase from N237.11 trillion recorded in the corresponding period of 2024.
More people are moving away from cash transactions as additional payments were made during the first quarter of 2025.
According to NIBSS, e-payment channels were used 2.21 billion times in the first quarter, with Point of Sale (PoS) terminals accounting for 776.94 million transactions.
The breakdown showed that instant payments contributed N285 trillion, while PoS transactions added N10.52 trillion.
Market operators noted that the surge reflects growing consumer and merchant confidence in digital platforms.
“Payment methods have become easier, faster, and better, and people are using them for everyday things,” said Adedeji Olowe, Founder of Lendsqr. “Everyone from small kiosks to supermarkets now accepts transfers. If I go downstairs where I live, I can buy something worth N1,000 and pay with transfers.”
Olowe added that the adoption of real-time transfers illustrates a maturing financial ecosystem, one increasingly less dependent on physical cash.
A recent report by ACI Worldwide reportedly projects Nigeria’s real-time payment transactions to reach 19.7 billion by 2028, up from 7.9 billion recorded in 2023.
The study, titled “Prime Time for Real-Time Global Payments”, placed Nigeria among the world’s leading digital payment economies, alongside India, Brazil, Thailand, China, and South Korea.
EnterpriseNGR reported that Nigeria accounted for 2.97 percent of global real-time transactions in 2024, significantly outpacing other African markets. South Africa recorded 284 million transactions, Egypt 39 million, and Kenya 20 million.
The expansion of electronic payments has been driven by: Mobile apps, internet banking, and USSD platforms enabling wider access; Rapid deployment of PoS terminals for retail and informal trade; Growing preference for instant and traceable payment options; and policies promoting cashless transactions and financial inclusion.
Analysts say Nigeria’s continued investment in payment infrastructure and fintech innovation will further strengthen its position as Africa’s digital payments hub. With transaction volumes growing at double-digit rates, the cashless economy is set to play a pivotal role in driving financial inclusion and supporting economic stability.
