Value of e-payment transactions skyrocket, facilitate CBN cashless policy
By Jeph Ajobaju, Chief Copy Editor
Electronic payment transactions value skyrocketed to N1.07 quadrillion in 2024, according to latest data released by the Nigeria Inter-Bank Settlement System (NIBSS), a historic milestone facilitating the twin policies of the Central Bank of Nigeria (CBN) of financial inclusion and a cashless economy.
The data shows the N1.07 quadrillion figure is about $702.6 billion based on the foreign exchange (forex) closing rate of N1,535 per dollar on 31 December 2024.
E-payment value on NIBSS Instant Payment (NIP) platform in 2024 is 79.6 per cent higher than the N600 trillion in 2023.
Also gleaned from the data is a steady increase throughout the 12 months of 2024, the highest notched in December, a festive period with lots of spending activities.
Nigerians spent N115.1 trillion over e-channels in December 2024 alone.
The volume of transactions processed by the NIBSS also jumped, from 9.7 billion in 2023 to 11.2 billion in 2024, a 15.5 per cent increase.
According to NIBSS data, active bank accounts in Nigeria rose to 311.6 million in 2024.
BVN enrolment nears 65m, with 2024 registration 2.1% above 2023
In line with the rise in active bank accounts, the NIBSS disclosed earlier this month that enrolment for Bank Verification Number (BVN) grew by 1.33 million or 2.1 per cent from 63.47 million in December 2024 to 64.8 million in January 2025.
BVN enrolment rose in 2024 by 3.362 million or 5.6 per cent from 60.115 million in 2023.
However, the NIBSS noted a gap between the number of bank accounts and BVN, a compulsory requirement for opening an account; with active accounts at 231.1 million in July 2024 and BVNs at 63.47 in December 2024.
The Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report shows that 5.0 per cent (3 million) of banked adults do not have BVN or National Identification Number (NIN).
CBN Governor Yemi Cardoso announced in October 2024 that the NIBSS would launch a non-resident BVN platform to enable the 14 million diaspora Nigerians anywhere in the world to operate their bank accounts domiciled in Nigeria, as well as run businesses and sort out KYC (know your customer) issues with financial institutions.
Cardoso said the initiative is part of efforts to ensure that Nigerians regardless of their location in the world can participate in the Nigerian economy and diversify their businesses without hassle.
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