NIBSS Releases Statistics Of Cashless Transactions In 2023

Cashless Transaction

Cashless transactions in Nigeria increased to N611.06trn in 2023.

This was revealed by the Nigeria Inter-Bank Settlement System on Wednesday, stressing that payments grew to N611.06trn from N395.38trn as of the end of 2022 indicating a 54.55 per cent year-on-year growth.

According to NIBSS, over the years, Nigerian banks have exposed the Nigerian Inter-Bank Settlement System through their various channels, including internet banking, bank branches, Kiosks, mobile apps, Unstructured Supplementary Service Data, POS, ATM, etc. to their customers.

Analysis of the data showed that electronic payment channels were used 11.05 billion times in 2023, a 75.96 per cent increase from the 6.28 billion times they were used in 2022 while the total value of instant payment in 2023 was N600.36trn and Point of Sales transactions was N10.7trn and relied upon for 1.38 billion times.