Electronic Transfers Hit N566bn, PoS Transactions Now N6.23tn

Nume Ekeghe

Data from the Nigeria Inter-Bank Settlement System (NIBSS) has revealed that electronic transfer transactions surged to an impressive N566.39 billion in the first seven months of 2024. 

The growth underscores the rising consumer confidence in digital payment solutions and the advancements in financial technology that have facilitated a more accessible and efficient payment ecosystem.

The year began robustly, with January reporting N72.11 billion in electronic transfers, as more Nigerians engaged with digital platforms for their transactional needs.

This momentum continued into February, when the total rose to N79.33 billion, showcasing a burgeoning reliance on electronic payments among consumers. March demonstrated further progress, with electronic transactions climbing to N83.05 billion, signaling a strong consumer inclination towards cashless payments as digital banking options become increasingly mainstream.

April saw a slight decline in activity, with transactions falling to N75.32 billion, a change likely influenced by seasonal spending patterns and the typical financial behavior of consumers during that period. 

However, the market rebounded in May, with electronic transfers reaching N87.48 billion, propelled by heightened consumer spending and engagement with various digital platforms. June’s figures stabilised at N79.59 billion, reflecting consistent activity in electronic transactions and solidifying the trend towards cashless solutions. July capped off the period with the highest monthly total of N89.50 billion, indicating a robust increase in electronic payment activity as more users shifted towards digital solutions.

The cumulative total of N566.39 billion not only underscores the growing acceptance of electronic transfers in Nigeria but also highlights a broader societal shift towards embracing technology in everyday financial transactions. 

In conjunction with this digital payment growth, another data NIBSS revealed that Nigeria’s Point of Sale (PoS) transactions reached N6.23 trillion in the same period. This figure represents a notable year-on-year decline compared to N7.88 trillion recorded during the first seven months of 2023.

While January 2024 showcased a 5.32 per cent increase in PoS transactions, totaling N850.09 billion compared to N807.16 billion in January 2023, subsequent months exhibited lower volumes. February to May 2024 saw declines, with April recording the most significant drop21.95 per cent to N811.78 billion, down from N1.04 trillion in April 2023.