Over ₦825 trillion web payment transactions were made in the first six months of 2024

Key takeaways:

  • Web payment amassed a total transaction value of ₦825.5 trillion, showcasing its dominance in both frequency and financial significance.
  • With a Constant Annual Growth Rate of 150.4% (in volume) and 208.9% (in value), Web Pay has been leading the Nigerian Payment System in both transaction volume and value since 2020.
  • Mobile payments contribute 15.8% of transaction volume and 10.9% of transaction value, indicating growing adoption among tech-savvy users.
  • NEFT transactions represent 21.5% of the total transaction value, reflecting their importance for transferring large sums.
  • The dominance of web payments reflects Nigeria's ongoing transition to a cashless economy and widespread digital adoption.

The first half of 2024 highlights the dominance of web payment systems in Nigeria, accounting for 52.7% of all transactions by volume and 56.6% by value. With about 11.64 billion transactions and ₦825.5 trillion in value, web payments lead the payment system landscape, solidifying its role as the go-to choice for seamless and efficient transactions. This shows Nigeria’s growing reliance on digital platforms for economic activity, paving the way for a cashless society.
Point-of-sale (POS) terminals and mobile payments also demonstrate strong adoption, contributing 29% and 15.8% of transaction volume, respectively. However, when analysed by value, NEFT (National Electronic Funds Transfer) ranks second, holding 21.5% of the total transaction value, indicating its preferability for high-value transactions.

Source:

CBN

Period:

2024
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  • Web payment is the leading payment system in Nigeria, handling over half (52.7%) of transaction volume and 56.6% of transaction value in the first half of 2024.
  • With a Constant Annual Growth Rate of 150.4% (in volume) and 208.9% (in value), Web Pay has been leading the Nigerian Payment System in both transaction volume and value since 2020.
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