Instant payments in Nigeria's banking sector reached N566.39 trillion in the first seven months of 2024, according to the Nigeria Inter-Bank Settlement System (NIBSS).

In July alone, instant payments surged to N89.50 trillion, a 12.45 percent increase (N9.91 trillion) from the N79.5 trillion recorded in June. This also marked an 89 percent year-on-year growth compared to N47.38 trillion in July 2023.

The total value of instant payments for 2024 so far brings the overall electronic transaction volume to N566.39 trillion. For context, in 2023, the country processed N600 trillion in electronic transactions.

In July, instant payment transaction volume rose by 4 percent, reaching 907.34 billion, compared to 871.66 billion in June. Year-on-year, the volume grew by 22 percent, up from 743.15 billion in July 2023. Additionally, cashless transactions surged to N238.61 trillion in July, a 4.6 percent increase from June’s N228.11 trillion.

A total of 27.56 billion transactions were completed through electronic payment channels in July. NIBSS also reported that point-of-sale (PoS) transactions hit 97.8 billion, with a transaction value of N1 trillion.