Nigeria’s electronic payment transactions soared to N284.99 trillion in the first quarter of 2025, a 17.7% increase from N234.49 trillion in the same period last year, with vibrant markets like Rivers State driving the cashless revolution. The surge, fueled by growing reliance on digital platforms, highlights Nigeria’s shift toward a modern financial ecosystem.
Data from the Nigeria Inter-Bank Settlement System shows a robust start to 2025, with transactions peaking at N100.06 trillion in January, dipping to N88.87 trillion in February, and rebounding to N96.07 trillion in March. Point-of-sale transactions, a key driver, skyrocketed 209% to N10.45 trillion, up from N3.62 trillion in 2024. In Rivers State, bustling commercial hubs like Port Harcourt have embraced PoS systems, with local businesses reporting seamless transactions at markets and retail outlets. January PoS transactions hit N4.12 trillion, followed by N3.12 trillion in February and N3.22 trillion in March, reflecting widespread adoption.
The growth stems from multiple factors. Cash shortages in early 2025 pushed businesses and consumers toward digital payments, while fintech innovations from companies like Flutterwave and Paystack have simplified transactions. In Rivers State, small businesses, from food vendors to tech startups, are increasingly accepting mobile transfers, boosting local commerce. Analysts also credit the Central Bank of Nigeria’s cashless policy, which limits daily cash withdrawals, for accelerating this trend.
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Despite network glitches reported in early 2025, transaction volumes remained strong, with 792 million transactions in January, 687.5 million in February, and 735.5 million in March. The rise in active bank accounts, with 8.4 million new or reactivated accounts, underscores growing financial inclusion. However, 33.3 million dormant accounts signal challenges in sustaining engagement.
Industry experts predict continued growth, with Nigeria’s e-payment market on track to support economic efficiency. In Rivers State and beyond, the shift to digital payments is fostering a dynamic economy, reducing cash-related risks, and paving the way for a more inclusive financial future.
