By Sandra Kenneth
Digital financial adoption in Nigeria hit a major milestone as total mobile money transactions surged to N372.14 trillion, marking an 81.26 per cent increase from the N205.31 trillion recorded the previous year.
According to data published in the Central Bank of Nigeria (CBN) Annual Report, transaction volume processed by Mobile Money Operators (MMOs) expanded by 65.77 per cent, growing from 17.34 billion to 28.74 billion.
The central bank attributed this momentum to rapid expansion of agency banking networks across the country, continuous advancements in mobile financial technology solutions, and strategic industry collaborations driven by key sector stakeholders.
Expanding Payment Ecosystem
Nigeria’s licensed Payment Service Provider (PSP) network reached 84 entities, strengthening the infrastructure supporting retail electronic transfers.
Overall, retail electronic payment transactions grew by 26.07 per cent to reach N3,458.77 trillion, powered by shifting consumer preferences, expanding e-commerce, and systemic infrastructure updates.
While mobile apps and web platforms saw a shift in volume dynamics, Automated Teller Machines (ATMs) recorded the highest transaction volume growth rate, jumping 61.94 per cent to 1.66 billion transactions. USSD usage climbed 20.89 per cent to 669.55 million, while Point-of-Sale (POS) transactions rose 19.78 per cent to 15.66 billion.
The Decline of Paper Cheques
As digital channels cement their role in everyday finance, traditional paper cheques continue their steady decline:
- Transaction Value Dropped 49.78 per cent to N1.84 trillion (down from N3.66 trillion).
- Transaction Volume Fell 57.79 per cent to 1.49 million.
To modernize paper clearing methods, the apex bank confirmed ongoing development with the Nigeria Inter-Bank Settlement System (NIBSS) to launch e-cheque and QR code functionality across retail and wholesale financial pipelines.
