Nigeria’s Instant Payment Transactions Surge to N1.07 Quadrillion in 2024, Marking 78% Growth
The Nigeria Inter-Bank Settlement System (NIBSS) has revealed a significant leap in instant payment transactions, with the total value for 2024 soaring to an impressive N1.07 quadrillion. This marks a staggering 78% increase from the N600.36 trillion recorded in 2023, representing an additional N469.74 trillion in transactions.
Instant payment, a real-time electronic funds transfer (EFT) system, facilitates account-based money transfers between financial institutions, enabling Nigerians to carry out seamless transactions through various electronic platforms.
NIBSS’ data highlights December 2024 as the peak month for instant payments, with a record-breaking value of N115 trillion—an increase from the N71.9 trillion recorded in the same month the previous year. The volume of instant payment transactions also saw significant growth, reaching an all-time high of 1.02 billion in May, although it slightly dipped to 962.2 billion by December.
In addition to instant payments, the use of Point of Sale (PoS) channels continued to thrive, with 1.38 billion transactions processed in 2024, amounting to N18.32 trillion.
Mobile money platforms also witnessed remarkable growth, with operators such as Opay, Palmpay, Moniepoint, and Kuda collectively processing N79.5 trillion in 2024—up by 70.6% from the N46.6 trillion recorded in 2023. The volume of mobile money transactions rose to 3.91 billion, compared to 3.04 billion in 2023, reflecting a 28% increase in transaction volume year-on-year.
