Cashless Nigeria: N89.5tn Spent Electronically in July – NIBSS

The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that Nigerians conducted electronic transactions totaling N89.50 trillion in July 2024, the highest ever monthly value recorded on the NIBSS Instant Payment (NIP) platform.

This figure reflects an 89% year-on-year growth compared to the N47.39 trillion recorded in the same period in 2023. The surge in transactions has brought the total value of electronic payments in Nigeria from January to July 2024 to N566.3 trillion, approaching the N600 trillion total recorded for the entire year of 2023, with five months still remaining.

Launched in 2011, the NIP platform enables real-time, online inter-bank transfers, with Nigerian banks offering access to customers through multiple channels, including internet banking, mobile apps, USSD codes, ATMs, POS terminals, and bank branches.

NIBSS further reported that the volume of NIP transactions in July 2024 reached 907 million, representing a 22% rise compared to the 743 million transactions recorded in July 2023.