With the available data provided by the Nigeria Inter-Bank Settlement System, one can say that cashless transactions have increased.
So, it might not be wrong to say after all that the cashless policy plan of the suspended governor of the Central Bank of Nigeria (CBN) Godwin Emefiele worked.
The Nigeria Inter-Bank Settlement System (NIBSS) revealed that cashless transactions soared to ₦611.06 trillion in 2023.
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This marks a significant 54.55% increase from the ₦395.38 trillion recorded in 2022.
NIBSS Instant Payments, launched in 2011, facilitates real-time inter-bank transfers, ensuring instant value transfer.
An analysis of the report shows that there was a 75.96% rise in electronic payment channel usage to 11.05 billion transactions in 2023.
The total value of instant payments reached ₦600.36 trillion, with point-of-sale transactions amounting to ₦10.7 trillion.
This shows that Nigerians are beginning to accept more cashless transactions.
The month of December witnessed highest transaction value of ₦71.9 trillion.
During the festive period most Nigerians could not access cash. So, they relied on digital transactions.
The result was an increase in digital transactions.
Also, despite the cash crunch in March, e-payment volume peaked at 1.1 billion Naira, albeit with a lower value compared to December.
NIBSS processed 9.7 billion transactions in 2023, a 90% increase from 2022, underscoring the nation’s rapid shift towards digital transactions.
Monthly electronic transactions ranged from ₦38.9 trillion in January to ₦48.3 trillion in March 2023, driven by the evolving cashless landscape.