Nigeria’s E-Payment Transactions Hit $256 Billion, Marking a Cashless Economy Milestone
According to the CBN, this growth stems from deliberate policy and technological reforms. Enhancements to the Nigeria Inter-Bank Settlement System (NIBSS), enforcement of cashless policies, and the expansion of merchant PoS networks to over three million devices have all contributed to this boom.
The Bullion 3rd Quarter 2025 report by the Central Bank of Nigeria (CBN) provides an extensive analysis of the nation’s economic performance, emphasizing the exponential growth of digital payments and financial technology. It outlines key indicators such as GDP, inflation, and liquidity while spotlighting how Nigeria’s payment systems are transitioning toward a cashless economy. The report highlights that total e-payment transactions exceeded ₦256 billion (about $256 billion) during the period — a record that mirrors findings from the ITWeb Africa article “Nigerian e-payments hit $256bn.” This surge represents strong double-digit growth from 2024, fueled by widespread adoption of instant payments, mobile banking, USSD, and PoS channels.
According to the CBN, this growth stems from deliberate policy and technological reforms. Enhancements to the Nigeria Inter-Bank Settlement System (NIBSS), enforcement of cashless policies, and the expansion of merchant PoS networks to over three million devices have all contributed to this boom. Youth-led fintech innovation and bank-driven financial literacy campaigns have also strengthened public confidence in digital channels. The report reveals that instant bank transfers now dominate the ecosystem, accounting for 68% of all e-payment transactions, followed by PoS payments, mobile money, and internet banking. This dominance underscores Nigeria’s preference for real-time, convenient, and reliable payment methods.
Beyond transaction growth, the report underscores major strides in financial inclusion — with over 74% of Nigerian adults now having access to formal financial services. This achievement is linked to initiatives such as the Shared Agent Network Expansion Facility (SANEF), which established over 2.1 million active agents across the country, and partnerships between fintechs and telecoms that extended digital services to rural areas. Despite inflation exceeding 28% and currency pressures, Nigeria’s e-payment sector proved resilient, helping cushion economic disruptions like cash shortages during the naira redesign. Reinforced by updated mobile money and open banking regulations, as well as strengthened cybersecurity frameworks, the CBN projects that Nigeria’s digital payment ecosystem will continue to drive inclusive, tech-led economic growth — solidifying its position as Africa’s digital payments leader.
