Data from the Nigeria Interbank Settlement System (NIBSS) showed that cashless transactions in Nigeria rose by 84.37 per cent to N572.63 trillion in the first seven months of 2024.

This growth reflects the increasing reliance on digital payments in the country. As of the end of 2023, cashless payments grew to N611.06 trillion from N395.38 trillion in 2022, and experts have said the numbers will reach unprecedented levels in 2024.

The NIBSS records cashless transactions across instant payments and Point of Sale (PoS). Instant payments recorded an 86.44 per cent increase to N566.39 trillion.

PoS channels recorded an 8.19 per cent decline to N6.23 trillion.