E-payments Hit N3.46quadrillion Amid $143.4m Pan-African Transactions – CBN

The value of electronic transactions consummated by financial institutions surged last year, rising by over 220 per cent to N3.4 quadrillion, even as cross-border transactions settled through the Pan-African Payment and Settlement System (PAPSS) also recorded significant growth, rising to $143.40 million during the year.

According to data from the Central Bank of Nigeria (CBN) 2025 Annual Report, the value of e-payment transactions rose to N3.458 quadrillion, compared with the N1.078 quadrillion declared by the Nigeria Inter Bank Settlement System (NIBSS) for 2024.

Last year, NIBSS data showed that instant electronic transactions consummated by financial institutions in Nigeria in 2024 hit an all-time high of N1.078 quadrillion, up from N600.349 trillion recorded in 2023.

The CBN data showed that the volume of e-payment transactions rose to 47.879 billion in 2025, compared with 11.27 billion that was recorded in 2024. According to the CBN, the increases reflected user preferences, adoption of digital channels, growth in e-commerce, and infrastructure improvements.

A breakdown of transaction volume by channel showed that ATM recorded the highest rise, at 61.94 per cent, to 1.655 billion. This was followed by a 20.89 per cent rise in USSD to 669.55 million, and a 19.78 per cent increase in PoS use to 15. 661 billion. However, decreases were recorded in the volume of transactions through the mobile app, internet/web, and direct debits.

In 2025, the volume and value of payment services offered by MMOs through their agent touchpoints and innovative technology continued to increase. The volume of transactions rose to 28.741 billion, from 17.337 billion in 2024.

Similarly, the value of transactions increased to N372.14 trillion, from N205.31 trillion.

These developments were attributed to increased agent onboarding, advancements in digital financial solutions, and collaborations with relevant stakeholders.

The continued shift towards faster and more convenient digital payment channels resulted in lower cheque transactions, which fell by 49.78 per cent to N1.837 trillion in 2025 from N3.658 trillion in 2024, while the transaction volume declined by 57.79 per cent to 1.49 million from 3.53 million.

The CBN said as part of efforts to align with modern payment expectations, e-cheque and QR code functionalities are being developed by the bank in collaboration with NIBSS.

Meanwhile, wholesale payment transactions increased in volume and value in the review period. The volume of interbank funds transfers through the RTGS system rose by 10.70 per cent to 429,388 from 387,890.

The value of transactions also grew significantly by 107.39 per cent to N454.601 trillion from N219.202 trillion. This was due to increased processing of high-value transactions resulting from improved economic activity.

The report further showed that cross-border payments through the Pan-African Payment and Settlement System (PAPSS) expanded significantly during the year.

According to the CBN, the value of transactions settled on PAPSS by Nigerian participants increased almost fivefold to $143.40 million in 2024, up from $29.23 million in 2024, while transaction volume rose to 44,088 from 17,808.

“The Pan-African Payment and Settlement System (PAPSS) continued to streamline cross-border transactions across African markets by reducing the cost and complexity of foreign-exchange conversions. It eased pressure on current accounts, reduced demand for foreign-exchange liquidity, and supported financial inclusion and economic growth through intra-African trade.

“The number of Nigerian banks participating in PAPSS was 20, relative to 22 in 2024. The value and volume of transactions settled on PAPSS for Nigerian participants increased significantly to $143.40 million and 44,088 transactions, respectively, compared with $29.23 million and 17,808 transactions in 2024.”