Nigeria’s electronic payment transactions surged to N284.9 trillion in the first quarter of 2025, a 22% increase from N234.4 trillion recorded in Q1 2024, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). The growth reflects a significant shift toward cashless transactions, driven by cash scarcity, fintech innovation, and increasing digital adoption across the country.
The NIBSS Instant Payment (NIP) platform, introduced in 2011, facilitated this rise, enabling real-time inter-bank transactions through channels like mobile apps, internet banking, ATMs, POS terminals, and USSD. January led with N100 trillion in transactions, followed by N88.8 trillion in February and N96 trillion in March. Transaction volumes mirrored this trend, with 792 million transactions in January, 687.5 million in February, and 735.5 million in March, highlighting robust digital payment activity.
Industry experts attribute the surge to multiple factors. Recent cash shortages have pushed businesses to embrace electronic payments, while the growing influence of fintech companies has spurred account openings among individuals and small businesses. As of March 2025, active bank accounts in Nigeria reached 320 million, per NIBSS, further fueling e-payment growth. These developments align with Nigeria’s ambition to achieve a $1 trillion economy by 2030, with digital payments playing a pivotal role.
To bolster this momentum, NIBSS unveiled the National Payment Stack (NPS) in Lagos, a cutting-edge platform designed to complement the NIP and prepare Nigeria for the future of digital finance. Speaking at the launch, NIBSS Managing Director Premier Oiwoh described the NPS as “a foundation for Nigeria’s financial future.” Key features include real-time transactions, ISO 20022 messaging, bulk and single payment processing, enhanced dispute resolution, and multi-currency capabilities for cross-border potential. The platform also supports KYC verification via BVN, RC Number, or TIN, and offers improved fraud management and rapid partner integration.
The NPS aims to drive financial inclusion, streamline government payments, and enhance revenue collection, supporting Nigeria’s economic goals. As digital payments continue to reshape the financial landscape, the NPS positions Nigeria to lead in innovative, inclusive, and efficient payment systems.
