Nigeria Records $256 Billion in E-Payment Transactions as Cashless Economy Gains Momentum
Nigeria’s cashless economy has achieved a breakthrough, with electronic payment transactions surpassing $256 billion, according to the Central Bank of Nigeria (CBN) Bullion 3rd Quarter 2025 report.
The report shows that this strong growth is driven by deliberate government policies and major technological reforms. Improvements to the Nigeria Inter-Bank Settlement System (NIBSS), strict enforcement of cashless policies, and the expansion of merchant Point-of-Sale (PoS) networks — now exceeding three million devices — have all contributed to the boom.
E-payment channels such as instant transfers, mobile banking, USSD, and PoS payments have become more popular as Nigerians continue to prefer faster, more reliable, and convenient payment methods. Instant bank transfers alone now make up 68% of all e-payment transactions nationwide.
The rapid growth of youth-led fintech startups and financial literacy campaigns organized by banks has also helped more Nigerians adopt digital payment systems. This shift has reduced the dependence on cash and cushioned the effects of past cash shortages, such as those experienced during the naira redesign.
Beyond the increase in transactions, the report highlights a remarkable rise in financial inclusion, with over 74% of Nigerian adults now having access to formal financial services. Initiatives like the Shared Agent Network Expansion Facility (SANEF) and collaborations between fintech companies and telecoms have played a key role in extending financial access to rural areas.
Despite challenges like high inflation above 28% and currency pressures, the e-payment system has remained strong and resilient. With improved cybersecurity measures, new mobile money regulations, and open banking frameworks, the CBN believes Nigeria’s digital economy will continue to grow — securing its place as one of Africa’s digital payment leaders.
