Nigerias Instant Payment Transactions Hit N1.07 Quadrillion In 2024 Nibss

The Nigeria Inter-Bank Settlement System NIBSS has reported a significant surge in instant payment transactions, with the total value reaching N1.07 quadrillion in 2024an increase of 78 from N600.36 trillion recorded in 2023.

According to NIBSS data, December 2024 saw the highest transaction value at N115 trillion, a sharp rise from N71.9 trillion in December 2023. Instant payment transaction volumes also peaked at 1.02 billion in May but declined slightly to 962.2 million by December.

Key highlights from NIBSS data show Nigerians used point-of-sale PoS channels 1.38 billion times, transacting a total of N18.32 trillion in 2024 operators like Opay, Palmpay, Moniepoint and Kuda recorded N79.5 trillion in transactionsup 70.6 from N46.6 trillion in 2023 MMO Transaction Volume increased from 3.04 billion in 2023 to 3.91 billion in 2024, reflecting a 28 growth.

The sharp rise in digital payments underscores the growing adoption of electronic transactions in Nigerias financial sector, driven by mobile money platforms and real-time payment systems.