Instant Electronic Transfers Hit N1.07qn

Nigeria’s instant electronic transactions soared to an unprecedented N1.078 quadrillion in 2024, reflecting a 79.6 per cent increase from the N600.349 trillion recorded in 2023. This surge coincided with a significant rise in the number of active bank accounts, which climbed to 311.649 million by the end of the year, according to data from the Nigeria Inter-Bank Settlement System (NIBSS).
The volume of transactions also saw a sharp increase, reaching 11.27 billion in 2024, up from 9.669 billion in 2023. The highest transaction volume was recorded in May, while the highest transaction value occurred in December, coinciding with festive spending.
The use of Point of Sale (PoS) terminals also witnessed remarkable growth. The total transaction value surged to N18.146 trillion, compared to N10.736 trillion in 2023, while the transaction volume increased from 1.386 billion in 2023 to 1.454 billion in 2024. PoS transactions peaked in November and December as bank customers increasingly relied on banking agents to access cash amid a persistent cash scarcity. Additionally, service disruptions in banks contributed to the growing dependence on PoS transactions.
The number of deployed PoS terminals in Nigeria more than doubled, reaching 5.56 million by the end of 2024, compared to 2.448 million in 2023. This rapid expansion was particularly evident between September and October, when deployment rose from 3.23 million to 4.86 million. Similarly, registered PoS terminals spiked from 4.3 million in October to 6.8 million, and by year-end, the total number of registered PoS terminals stood at 7.78 million, more than doubling the 3.48 million recorded at the end of 2023.
The number of active bank accounts in Nigeria jumped from 209.311 million at the start of 2024 to 311.649 million by year-end, marking an increase of 102.33 million new accounts. The most significant growth occurred in September, when active accounts spiked from 233.23 million to 291.641 million. However, the banking sector also saw some closures, with 3.77 million accounts deactivated between January and December 2024.
The total number of unique Bank Verification Numbers (BVNs) issued continued to rise, reaching 63.47 million by the end of 2024. As of this month, the BVN enrollment figure stands at 64.921 million, representing a 25.1 per cent increase since 2021, when it was 51.9 million.
The rapid expansion in electronic payments, PoS transactions, and bank account enrollments underscores the increasing adoption of digital financial services in Nigeria. With continued growth in cashless transactions, the financial sector is poised for even greater transformation in the coming years.