Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that Nigeria’s transition to a cashless economy got a significant boost as electronic payment transactions recorded a significant leap from N387 trillion in 2022 to N600 trillion in 2023.
The NIBSS reported that the value on the Instant Payment (NIP) witnessed a significant increase of 55 percent, while the transaction volume for the year surged by 90 percent from N5.1 billion in 2022 to N9.7 billion in 2023.
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