Quick Summary:
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Nigeria’s e-payment value rose to N284.9 trillion in Q1 2025, up 22% from Q1 2024.
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Transaction volume hit 2.215 billion, despite network disruptions across providers.
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NIBSS launched the National Payment Stack (NPS) to boost real-time digital payments and financial inclusion.
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PoS transactions surged by 209% to N10.45 trillion, reflecting rapid retail digitization.
Nigeria’s electronic payment transactions have surged to N284.9 trillion in the first quarter of 2025, marking a 22% increase from the N234.4 trillion recorded in Q1 2024. The data, released by the Nigeria Inter-Bank Settlement System (NIBSS), highlights the growing momentum behind Nigeria’s cashless economy.
Despite network disruptions affecting major service providers during the period, electronic transactions continued to rise sharply.
Breakdown of Q1 2025 Transaction Value and Volume
Total Transaction Value (YoY):
- N284.9 trillion (+22% from Q1 2024)
Monthly Breakdown:
- January: N100 trillion
- February: N88.8 trillion
- March: N96 trillion
Total Volume:
- 2.215 billion transactions
Monthly Volume Breakdown:
- January: 792 million
- February: 687.5 million
- March: 735.5 million
Key Drivers Behind the Surge
Several factors have contributed to the growing adoption of e-payment methods across Nigeria:
- Cash Scarcity: Ongoing cash shortages have pushed more individuals and businesses toward electronic channels.
- Fintech Expansion: The rise of fintech services, particularly among SMEs and informal sectors, is improving access to digital financial tools.
- Improved Digital Infrastructure: Widespread mobile penetration and better broadband access have enhanced the reliability of digital payments.
NIBSS Launches National Payment Stack (NPS)
To further deepen the cashless agenda, NIBSS has introduced the National Payment Stack (NPS). This next-generation platform enhances the existing NIBSS Instant Payment (NIP) system with new capabilities:
- Real-time settlement for both single and bulk payments
- ISO 20022-based advanced messaging
- Integrated KYC through BVN, RC Number, or TIN
- Multi-currency support, Request-to-Pay, and Direct Debit features
- Enhanced fraud detection and dispute resolution tools
The NPS aims to strengthen financial inclusion and prepare Nigeria for a digitally-driven economy, aligned with its ambition to hit a $1 trillion GDP in the near future.
PoS Transactions See Explosive Growth
Point-of-Sale (PoS) transactions also recorded a significant uptick. In Q1 2025:
- Transaction Value: N10.45 trillion (a 209% jump from N3.62 trillion in Q1 2024)
- Active PoS Terminals: 5.9 million nationwide by March 2025
This growth underscores the fast-digitizing retail sector in Nigeria.
Outlook: A Digital-First Future
With rising transaction volumes, fintech innovation, and infrastructural upgrades, Nigeria is positioning itself as a digital leader in Africa. Though network issues persist, the upward trend in e-payment adoption signals stronger financial inclusion and sustainable economic development.