The NIBSS data revealed that the ₦611.06 trillion processed in 2023 included the total amount processed on the Nigeria Instant Payment System and Point of Sales terminals.
The total value of instant payments in 2023 was recorded as ₦600.36 trillion, while the Point of Sales transactions was ₦10.7 trillion and relied upon for 1.38 billion transactions.
Over the years, cashless transactions have grown as bank customers have turned to the option for transactions due to its ease. The growing adoption of electronic payment channels in Nigeria surged during the COVID-19 pandemic and has maintained its rise since then.
