Nigeria’s cashless economy continues to gather steam as the total value of electronic payment transactions in the first quarter of 2025 soared to an impressive ₦284.9 trillion. This marks a significant increase compared to previous quarters, underscoring the country’s accelerated adoption of digital financial services across retail, corporate, and government sectors.
According to the latest data from the Nigeria Inter-Bank Settlement System (NIBSS), the rise in e-payments reflects increased consumer trust and expanding digital infrastructure, which is enabling more seamless and secure transactions nationwide. The figures encompass a broad spectrum of electronic channels, including point of sale (POS), automated teller machines (ATMs), internet banking, mobile money, and Quick Response (QR) code payments.
Experts highlight that the upward trend in e-payment volumes aligns closely with ongoing financial inclusion initiatives led by the Central Bank of Nigeria and the private sector, aimed at reducing cash dependency and fostering a more inclusive digital economy. Notably, the surge in mobile money transactions has played a critical role in boosting overall transaction values.
This growth also mirrors broader shifts in consumer behaviour, with more Nigerians preferring contactless and online payment options amid evolving market dynamics and enhanced digital literacy. Financial institutions have ramped up investments in fintech innovations and cybersecurity, further reinforcing confidence in electronic payment platforms.
As the Nigerian government and regulators continue to champion cashless policies, the sustained increase in e-payment activity is expected to drive efficiencies, transparency, and economic diversification. Industry watchers predict that if this momentum is maintained, Nigeria’s digital payment ecosystem could contribute significantly to GDP growth and create new opportunities in fintech and e-commerce sectors.
The ₦284.9 trillion transaction volume in Q1 2025 marks a pivotal milestone, confirming Nigeria’s rapid progress toward a modern, cashless economy built on cutting-edge technology and inclusive financial services.
