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: Following NIP transactions, Mobile Money Operators (MMOs) contributed significantly to the digital payment landscape with: Year-on-Year (YoY) Comparison A further breakdown of transaction trends in 2024 compared to 2023 highlights key changes: 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: 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. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
