Year-over-year (YoY), the value of electronic payment transactions increased from N178.5 trillion in 2023 to N284.4 trillion in 2024, a 59.3% increase.
The Nigeria Interbank Settlement System (NIBSS) Instant Payment (NIP) recorded the largest volume (10.47 billion) and value (N105 trillion) of e-payment transactions during the 2024 period, according to examination of the data available to BrandSpur banking and finance news desk.
Mobile Money Operation transactions, which totalled 3.92 billion transactions with a value of N79.7 trillion, came next. Subsequent investigation revealed that while the value of NIP transactions decreased by 8.69% to N105 trillion in 2024 from N115 trillion in 2023, the amount of NIP transactions increased YoY by 92% to 10.47 billion in 2024 from 8.49 billion in 2023.
Also read: https://brandspurng.com/2025/01/29/hostafrica-acquires-go54-with-its-over-10000-user-base/
In the same vein, the number of transactions made by Mobile Money Operators (MMOs) climbed by 28.9% year over year to 3.92 billion in 2024 from 3.04 billion in 2023, and the value jumped by 70% to N79.7 trillion in 2024 from N46.77 trillion in 2023.
According to NIBSS’s 2023 Fraud Landscape study, there were 95,620 fraud counts in 2023 compared to 101,669 in 2022. Additionally, it stated that the most popular method of fraud during that time was mobile e-payments, which increased by 5% from 2022.
