Nigeria’s digital economy has taken a monumental leap, with e-payment transactions reaching an unprecedented N1.07 quadrillion in 2024. This landmark achievement signifies a pivotal moment in the nation’s financial landscape, marking the first time e-payments have surpassed the quadrillion naira mark.
According to the Nigeria Inter-Bank Settlement System (NIBSS), this staggering figure represents a 79.6% surge compared to the N600 trillion recorded in 2023. Based on the closing exchange rate of N1,535/$1 on December 31, 2024, this translates to approximately $702.6 billion in US dollars.
This remarkable growth trajectory is a testament to the increasing digitalisation of the Nigerian economy. While e-payments demonstrated consistent growth throughout the year, December 2024 witnessed a particularly significant surge, with transactions exceeding N115.1 trillion. This peak coincided with the festive season, typically characterised by heightened consumer spending.
Industry analysts attribute this surge in e-payments to the Central Bank of Nigeria’s (CBN) unwavering commitment to its cashless policy. The policy, which limits cash withdrawals for individuals and businesses, has undeniably accelerated the adoption of digital payment solutions.
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This unprecedented growth in e-payments has profound implications for Nigeria’s financial landscape. It signifies a significant step towards a more inclusive and efficient financial system, empowering individuals and businesses with greater access to financial services.
While the CBN’s cashless policy may have initially fuelled this surge, the long-term benefits extend beyond regulatory mandates. This shift towards digital transactions fosters greater financial inclusion, reduces reliance on physical cash, and enhances transparency and efficiency within the financial system.
As Nigeria continues to embrace digital innovation, the future of e-payments appears bright. This landmark achievement underscores the nation’s potential to leverage technology to drive economic growth and enhance the financial well-being of its citizens.
