Electronic payment transactions in Nigeria surged to N284.99 trillion in the first quarter (Q1) of 2025, representing a 17.7 per cent year-on-year increase when compared to the N234.49 trillion recorded during the same period in 2024.
Also, Point-of-Sale (PoS) transactions in the country rose to N10.45 trillion in Q1 of 2025, marking a remarkable 209 per cent increase compared to the N3.62 trillion recorded during the same period in 2024.
This was disclosed in the latest industry data from the Nigeria Inter-Bank Settlement System (NIBSS), underscoring growing consumer reliance on digital platforms and increased integration of cashless channels across the financial system.
A breakdown of the NIBSS Instant Payment (NIP) data for the first quarter of 2025 showed that electronic transactions began the year on a strong note, with N100.06 trillion processed in January. This was followed by a decline in February to N88.87 trillion, likely due to the shorter number of days in the month. However, transaction values rose again in March to N96.07 trillion, closing the quarter just below the January peak.
When compared to the same period in 2024, the growth was evident. NIP transactions in January 2024 stood at N72.11 trillion, increasing to N79.33 trillion in February and N83.05 trillion in March. The figures highlighted a steady year-on-year rise in transaction value for each month, indicating continued growth in the use of instant electronic payments for both retail and business purposes.
A month-by-month breakdown for the first quarter of 2025, PoS transactions for the period showed that the value of payments processed through PoS terminals stood at N4.12 trillion in January.
This declined to N3.12 trillion in February before recording a modest recovery to N3.22 trillion in March.
In comparison, PoS transaction values for the same period in 2024 were significantly lower.
January 2024 recorded N850.09 billion, while February and March saw N805.05 billion and N961.86 billion, respectively. The year-on-year increase reflects a sharp rise in the use of PoS terminals for payments across the country.
The growth in transaction value was accompanied by a notable increase in the number of active PoS terminals deployed nationwide.
In January 2025, 5.5 million terminals were in use across Nigeria. This rose to 5.8 million in February and reached 5.9 million by the end of March. By contrast, terminal deployment in the same period of 2024 was much lower, with 2.4 million active terminals in January and 2.5 million in February and 2.6 million in March.
Nume Ekeghe
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