By Elizabeth Adegbesan
There are indications that Nigerians are fast relegating cash transactions to the background as the value of electronic payment transactions skyrockets.
According to the latest report released by the Nigerian Interbank Settlement System, NIBSS, value of electronic payment transactions (EPT) grew year-on-year (YoY) by 24 percent to N317.2 trillion in the first quarter of 2025 (Q1’25) from N 255.69 trillion in Q1’24.
NIBSS Instant Payment (NIP) recorded the highest value of transactions, growing YoY by 21.5 percent to N285 trillion in Q1’25 from N234.49 trillion in Q1’24.
The report further showed that the value of Mobile Money Operations (MMO) transactions grew by 20.3 percent to N20.7 trillion in Q1’25 from N17.2 trillion in Q1’24.
The value of Automated Clearing House (ACH) transactions grew by 39 percent to N14.13 billion in Q1’25 from N10.16 billion in Q1’24,
The value of Cheque transactions increased by 31.4 percent to N886.8 billion in Q1’25 from N855.34 billion in Q1’24.
Point of Sale (PoS),the grass cash option, had the highest growth rate in value of transactions, rising by 301.5 percent to N10.52 trillion in Q1’25 from N2.62 trillion in Q1’24.
However, the value of NIBSS Direct Debit (NDD) transactions fell by 58.6 percent YoY to N3.38 billion in Q1’25 from N8.18 billion in Q1’24.
eBills Pay also saw a 84.4 percent YoY decline in value of transactions to N78.27 billion in Q1’25 from N501.8 billion in Q1’24.
The value of NQR code transactions declined by 72 percent YoY to N100.09 billion in Q1’25 from N358.73 billion in Q1’24.
On the other hand, the volume of EPT in Q1’25 fell by 17.3 percent YoY to 4.4 billion from 5.32 billion transactions recorded in Q1’24.
This is as a result of decline in volume of transactions recorded across seven e-payment channels during the period .
However, the volume of PoS transactions increased by 147.4 percent to 776.94 million in Q1’25 from 314.03 million in Q1’24.
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