Web payment is the leading payment system, with a transaction volume of 11.64 billion in the first half of 2024

Key takeaways:

  • 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.
  • Point-of-sale (POS) terminals account for 29% of transaction volume, proving their continued relevance for in-person transactions.
  • Mobile payments contribute 15.8% of transaction volume and 10.9% of transaction value, indicating growing adoption among tech-savvy users.
  • The dominance of web payments reflects Nigeria's ongoing transition to a cashless economy and widespread digital adoption.
  • With 3.49 billion transactions, mobile payments are gaining traction for low-value, high-frequency activities like bills and purchases.

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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