More than 25% of electronic transactions processed through NIBSS NIP, says CBN

The Central Bank of Nigeria, CBN, has stated that more than 25 percent of all electronic transactions in Nigeria are processed via real-time and the NIBSS Instant Payments platform.

The apex bank disclosed this in its recently released Fintech Report.

CBN further said that close to 11 billion electronic transactions were processed in 2024, up from five billion recorded in 2022.

It noted that the growth placed the country among the top adopters of electronic transactions globally and a clear leader on the African continent.

“More than 25% of all electronic transactions in Nigeria are processed via real-time payment channels and through the NIBSS NIP platform.

“Close to 11 billion transactions were processed in 2024, up from 5 billion transactions in 2022, placing the country among the top adopters globally and a clear leader on the African continent.

“This aligns with the Payments System Vision 2025, which sets a target for achieving near-universal e-payment penetration.”

The apex bank’s report revalidates the increased use of fintech banks such as Opay, Moniepoint, Palmpay and others across the country.