Nigeria’s E-Payment Transactions Surge By 59% To N284.4 Trillion In 2024

Nigeria’s e-payment transactions surged by 59% YoY to N284.4 trillion in 2024. Discover key insights into NIP, Mobile Money trends, and fraud cases.

Overview of E-Payment Growth in Nigeria

Nigeria’s electronic payment sector witnessed significant growth in 2024, with transaction values soaring by 59.3% year-on-year (YoY) to N284.4 trillion, compared to N178.5 trillion recorded in 2023. This surge underscores the increasing adoption of digital financial services across the country.

Breakdown of E-Payment Transactions

According to data from the Nigeria Interbank Settlement System (NIBSS), the NIBSS Instant Payment (NIP) platform recorded the highest e-payment transaction volume and value in 2024:

Transaction Volume: 10.47 billion transactions
Transaction Value: N105 trillion

Following NIP transactions, Mobile Money Operators (MMOs) contributed significantly to the digital payment landscape with:

Transaction Volume: 3.92 billion transactions
Transaction Value: N79.7 trillion

Year-on-Year (YoY) Comparison

A further breakdown of transaction trends in 2024 compared to 2023 highlights key changes:

NIP Transactions:
- Volume Growth: 92% YoY (from 8.49 billion in 2023 to 10.47 billion in 2024)
- Value Decline: 8.69% YoY (from N115 trillion in 2023 to N105 trillion in 2024)
Mobile Money Transactions:
- Volume Growth: 28.9% YoY (from 3.04 billion in 2023 to 3.92 billion in 2024)
- Value Surge: 70% YoY (from N46.77 trillion in 2023 to N79.7 trillion in 2024)

Fraud Trends in E-Payment Transactions

Despite the impressive growth in digital transactions, fraud remains a critical concern. The NIBSS 2023 Fraud Landscape Report revealed that:

Total fraud cases declined from 101,669 in 2022 to 95,620 in 2023.
Mobile e-payment platforms emerged as the most targeted, experiencing a 5% increase in fraud cases compared to 2022.

Conclusion

Nigeria’s e-payment sector continues to expand rapidly, driven by increased reliance on digital transactions. However, with the rising adoption of mobile payments and instant transfers, stakeholders must enhance fraud prevention measures to sustain this growth.