The value of electronic payment transactions rose by 59.3 per cent, year-on-year (YoY) to N284.4 trillion in 2024 from N178.5 trillion in the corresponding period of 2023.
Vanguard analysis of data from Nigeria Interbank Settlement System (NIBSS) epayment data for 2024 showed that the NIBSS Instant Payment (NIP) had the highest volume (10.47 billion) and value (N105 trillion) of e-payment transactions during the period.
This was followed by Mobile Money Operation transactions with a value of N79.7 trillion and a volume of 3.92 billion transactions.
Further analysis showed that the volume of NIP transactions grew YoY by 92 per cent to 10.47 billion in 2024 from 8.49 billion in 2023 while the value fell by 8.69 per cent to N105 trillion in 2024 from N115 trillion in 2023.
Similarly, the volume of Mobile Money Operators, (MMOs) transactions increased by 28.9 per cent, YoY to 3.92 billion in 2024 from 3.04 billion in 2023 while the value rose by 70 per cent to N79.7 trillion in 2024 from N46.77 trillion in 2023.
In its 2023 Fraud Landscape report , NIBSS said that the number of fraud counts reduced to 95,620 in 2023 from 101,669 in 2022.
It also noted that the mobile epayment channel saw a five percent rise compared to 2022 emerging as the most selected means of fraud during the period.
