There are indications that Nigerians are fast relegating cash transaction to the background as the value of electronic payment transactions skyrockets.
According to the latest report released by the Nigerian Interbank Settlement System yesterday, value of electronic payment transactions grew year-on-year by 89 percent to N257.73 trillion in the first quarter of 2024 from N136.2 trillion in Q1’23.Instant Payment recorded high value of transactions, growing YoY by 90.8 percent to N236.46 trillion in Q1’24 from N123.9 trillion in Q1’23.
The value of Automated Clearing House transactions grew by 127.9 percent to N10.1 billion in Q1’24 from N4.43 billion in Q1’23, while its volume increased by 6.7 percent to 6.46 million in Q1’24 from 6.05 million in Q1’23.Meanwhile, The value of Cheque transactions grew by 22 percent to N935.24 billion in Q1’24 from N765.9 billion in Q1’23.
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