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NIBSS NIP handles over 25% of all electronic payment transactions in Nigeria
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E-transactions surged to nearly 11 billion in 2024, up from 5 billion in 2022
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Growth aligns with CBN’s Payments System Vision 2025 on nationwide e-payment adoption
The Central Bank of Nigeria (CBN) has revealed that more than one-quarter of all electronic transactions carried out in the country are processed through real-time payment channels, particularly the Nigeria Inter-Bank Settlement System Instant Payment (NIBSS NIP) platform.
The apex bank disclosed this in its newly released Fintech Report, which highlighted Nigeria’s rapid shift toward digital payment systems.
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According to the report, electronic transactions processed nationwide climbed to almost 11 billion in 2024, representing a sharp increase from the five billion transactions recorded in 2022.
The CBN noted that this level of growth places Nigeria among the leading adopters of electronic payments globally, while firmly positioning the country as the front-runner in Africa’s digital payments space.
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“Over 25 per cent of Nigeria’s electronic transactions are conducted via real-time payment channels, mainly through the NIBSS Instant Payment platform,” the report stated.
It added that the surge in transaction volumes reflects progress toward the Payments System Vision 2025, a strategic framework designed to achieve near-universal adoption of electronic payments across the country.
The report also reaffirmed the expanding influence of fintech-driven financial institutions, citing increased usage of digital banks and payment platforms such as Opay, Moniepoint, Palmpay, and others, especially among individuals and small businesses.
According to the CBN, the widespread acceptance of these platforms has played a significant role in deepening financial inclusion and accelerating Nigeria’s transition to a cash-lite economy.
