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At N1.08 Quadrillion in 2024, Nigeria’s e-Payment Transactions Surged to Record High
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•POS transaction hit N18.15trn, up 81%
•BVN enrolment rose to 64.92m
Nume Ekeghe
Electronic payment transactions soared to an all-time high in 2024 as it rose by 80 percent to N1.08 quadrillion, compared with the N600 trillion recorded in 2023.
The record-breaking feat was revealed in data released by the Nigeria Inter-Bank Settlement System (NIBSS) which was obtained yesterday.
Also, point-of-sale (PoS) transactions soared to N19.4 trillion in 2024, marking an 81 percent increase from N10.73 trillion in 2023, while Bank Verification Number (BVN) enrolment has now hit 64.92 million.
A monthly analysis of electronic transaction value for 2024 showed that January recorded N72.11 trillion, setting a strong start for the year and February saw a 10 percent increase, reaching N79.32 trillion. In March, transactions climbed to N83.05 trillion, reflecting a 4.7 percent growth, while April saw a dip to N75.32 trillion, representing a 9.3 percent decline from March.
It rebounded significantly in May to N87.48 trillion, up 16.1 percent, followed by a slight drop in June to N79.58 trillion. Also, July transactions surged to N89.50 trillion while August grew marginally to N90.82 trillion.
A stronger uptick occurred in September, with transactions reaching N93.46 trillion while October broking the N100 trillion mark for the first time, hitting N103.21 trillion, an impressive 10.4 percent jump.
Furthermore, November saw an even sharper rise to N109.53 trillion, growing from October while December closed the year at a record N115.16 trillion, reflecting a 5.1 percent increase over the previous month.
Also, a monthly breakdown of PoS transaction value for 2024 saw January recording N850.09 billion, setting the pace for the year. Also, February experienced a slight dip to N805.05 billion, reflecting a 5.3 percent decline. March rebounded to N961.86 billion, representing a 19.5 per cent increase, while April saw another drop to N811.78 billion and May recovered to N868.66 billion.
In addition, June continued the upward trajectory at N930.76 billion, a 7.2 percent increase from May, while July transactions surpassed the N1 trillion mark for the first time, reaching N1.01 trillion, growing eight percent. The data for August saw a sharper rise to N1.20 trillion and September followed suit with N1.24 trillion, up 2.8 percent.
The most dramatic spikes occurred in the final quarter of the year as October’s transactions jumped to N1.84 trillion, and November set an all-time monthly record at N4.38 trillion, more than double October’s total, driven by increased consumer spending ahead of the festive season. December saw a slight pullback to N3.25 trillion, but still maintained high momentum, closing the year on a strong note.
Despite the expansion in e-payment and PoS transactions, Nigeria’s Bank Verification Number (BVN) registrations exhibited a slower growth rate, which emphasised the growth, adoption, and confidence in electronic payments.
BVN enrollment stood at 64.92 million in January 2024 but closed the year at 63.47 million, reflecting a net growth of 3.36 million in one year.