Nigeria’s electronic payment transactions reached a record-breaking N1.07 quadrillion in 2024, according to recent data released by the Nigeria Inter-Bank Settlement System (NIBSS).
This figure, equivalent to approximately $702.6 billion based on the December 31, 2024, exchange rate of N1,535 per dollar, reflects a remarkable 79.6% increase from the N600 trillion recorded in 2023.
The data also highlighted consistent growth throughout the year, with December 2024 standing out as the peak period due to festive spending.
Nigerians conducted electronic transactions worth N115.1 trillion in December alone.
In terms of volume, the total number of transactions processed by NIBSS rose from 9.7 billion in 2023 to 11.2 billion in 2024, marking a 15.5% year-on-year increase.
Additionally, the number of active bank accounts in Nigeria surged to 311.6 million in 2024, further underscoring the expansion of electronic payment systems across the country.