Electronic payment transactions conducted through six channels rose 2.85 per cent year-on-year in value to N1.053 quadrillion in the first quarter of 2026, up from N1.024 quadrillion in the same period of 2025. At the same time, the number of transactions declined 9.19 per cent to 12.57 billion from 13.84 billion.
The figures, contained in the Central Bank of Nigeria’s quarterly statistical bulletin for the first quarter of 2026, show that Nigerians carried out fewer electronic payments while the average amount involved in each transaction increased. The six channels covered are cheque, Automated Teller Machine (ATM), Point of Sale (POS), Web Pay (Internet), Mobile Pay and Nigeria Instant Payment (NIP).
POS Records Sharpest Decline
The POS channel posted the steepest drop. Transaction volume fell 19.90 per cent to 2.92 billion from 3.64 billion a year earlier, while value declined 16.42 per cent to N59.33 trillion from N70.98 trillion. This represents roughly 724 million fewer POS transactions and a reduction of about N11.65 trillion in value processed through the channel.
ATM and Mobile Pay Show Growth
ATM activity moved in the opposite direction. Transaction volume rose 6.60 per cent to 438.59 million from 411.42 million, while value surged 64.62 per cent to N26.30 trillion from N15.97 trillion.
Mobile Pay recorded the strongest growth in transaction volume, climbing 28.60 per cent to 2.67 billion from 2.08 billion. Its value also increased 7.73 per cent to N112.12 trillion from N104.07 trillion.
Mixed Results for NIP and Web Pay
NIP transactions showed a split between volume and value. Volume declined 17.70 per cent to 1.82 billion from 2.22 billion, yet value rose 12.55 per cent to N320.76 trillion from N284.99 trillion.
Web Pay volume fell 14.14 per cent to 4.72 billion from 5.50 billion, while value eased only 2.42 per cent to N529.82 trillion from N542.99 trillion.
Overall, the data indicate that although the number of electronic payments contracted, the total value of funds moved through the main digital channels continued to expand, pointing to higher average transaction sizes across the system.
