Cashless Transactions in Nigeria Skyrocketed by 88% to Reach N237 Trillion in The First Quarter of 2024
New statistics from the Nigeria Interbank Settlement System indicate that cash transactions in Nigeria surged to N237 trillion in the first quarter of 2024.
According to data, there was an 88 percent surge in cash transactions in Nigeria, rising from N126 trillion in the first quarter of 2023 to N237 trillion in the same period of 2024.
Reports revealed that electronic payment channels were utilized 3.09 billion times in the first three months, marking a 6.2 percent increase from the 2.91 billion transactions recorded in the corresponding period of 2023.
The Nigeria Interbank Settlement System (NIBSS) records cashless transactions from the Nigeria Instant Payment System and Point of Sales terminals. Instant payment transactions totaled N234.5 trillion, while PoS transactions amounted to N2.6 trillion in the first three months of the year.
PoS transaction value and usage declined during the first three months of the year. The channel recorded N2.61 trillion worth of transactions, an 8.1 percent drop from N2.84 trillion in the corresponding period of 2023.
