E-Payments Surge To N384trn As Nigeria Deepens Cashless Drive

Nigeria’s transition toward a fully cashless economy has gained fresh momentum as electronic payment transactions surged to N384 trillion in July 2025, up from N280 trillion recorded in August 2024, according to the Central Bank of Nigeria (CBN).
The CBN governor, Olayemi Cardoso, disclosed this during the Nigeria Fintech Week 2025 held in Lagos. Represented by Opemi Yusuf, Director of Payment System Supervision, Cardoso said the volume of electronic transactions also increased from 3.9 billion to 4.12 billion within the same period.
“The sustained growth in electronic transactions mirrors Nigerians’ increasing confidence in digital platforms and underscores the success of reforms within the payment ecosystem,” Cardoso stated.
He said the apex bank has strengthened cybersecurity frameworks and fraud detection systems to safeguard consumer confidence, adding that “responsible innovation remains central to sustaining financial stability.”
The CBN governor cited initiatives such as open banking, which he said would enhance competition and allow financial institutions to provide more tailored services.
“As Nigerians advance toward a cashless economy, the foundation must remain trust in the safety and integrity of our payment system,” he said.
Fintech leaders also called for stronger collaboration within the ecosystem. Dr. Stanley Jacob, President of the Fintech Association of Nigeria (FintechNGR), described the event’s theme : “The FinTech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future, ” as a statement of intent to drive collective innovation.
Dr. Segun Aina, President of the Africa Fintech Network (AFN), noted that Nigeria remains home to four of Africa’s nine fintech unicorns and revealed that AFN is developing a Fintech Licensing Passporting framework to enable startups operate seamlessly across the continent.