Cashless Transactions Surge to N611 Trillion, Reports NIBSS

“Nigeria Inter-Bank Settlement System (NIBSS) Reveals Cashless Transactions Surge to N611.06 Trillion in 2023

According to the latest report unveiled by the Nigeria Inter-Bank Settlement System (NIBSS) on Wednesday, cashless transactions in Nigeria witnessed a remarkable surge, reaching a staggering N611.06 trillion in 2023. This represents a substantial increase of 54.55 percent compared to the previous year’s figure of N395.38 trillion in 2022.

NIBSS Instant Payments, introduced in 2011, stands as a pioneering account-number-based, online real-time Inter-Bank payment solution facilitated by NIBSS. Serving as the cornerstone of the Nigerian financial industry’s funds transfer infrastructure, NIBSS Instant Payments ensures swift and secure value transfer to beneficiaries, underpinning the nation’s digital payment ecosystem.”