It’s official: Nigeria’s payment culture is undergoing a massive shift — and it’s happening faster than many expected.
According to the Nigerian Interbank Settlement System (NIBSS), the country is steadily moving away from cash. In just the first quarter of 2025 (Q1’25), Nigerians pushed a whopping ₦317.2 trillion through electronic payment channels — that’s a 24% jump from ₦255.69 trillion recorded in Q1’24. At the forefront of this digital wave is the NIBSS Instant Payment (NIP) system, which saw ₦285 trillion in transactions — up by 21.5% from last year. It’s clear that more people are embracing instant, real-time transfers for everything from bills to business.
Mobile Money Operations (MMO) also had its share of the spotlight, growing by 20.3% to ₦20.7 trillion. This shows how digital wallets and mobile apps are becoming everyday tools — not just for urban dwellers, but also for communities far from bank branches.
But the surprise champion? Point of Sale (PoS) terminals — long seen as the bridge between cash and digital — recorded a mind-blowing 301.5% increase in transaction value, soaring to ₦10.52 trillion from just ₦2.62 trillion a year ago. In terms of volume, PoS usage also grew by 147.4%, reaching 776.94 million transactions. For many small business owners, vendors, and everyday Nigerians, this is proof that card and mobile-based transactions are becoming the norm.
Not all channels had a great quarter, though. NIBSS Direct Debit saw a sharp 58.6% drop, and eBills Pay plummeted by 84.4%. Even QR code usage dipped significantly. Meanwhile, total volume of electronic transactions across all channels actually fell by 17.3%, pointing to a possible consolidation in how Nigerians prefer to pay.
Still, one thing is certain: Nigeria is boldly stepping into a cashless future. As confidence in digital payments grows, the economy is becoming faster, more secure, and more connected than ever before.
