A recent survey conducted by Enhancing Financial Innovation and Access (EFInA) in 2023 indicates that over 40% of Nigerians utilized Digital Financial Services in the preceding 12 months, marking an improvement from the 34% recorded in 2020.
Correspondingly, data from the Nigerian Interbank Settlement System (NIBSS) for 2023 reveals a 66% surge in the value of electronic payment (ePayment) transactions, reaching N664.21 trillion compared to N387 trillion in 2022.
This growth underscores the escalating adoption of electronic payment channels by Nigerians, influenced by factors such as a shortage of cash and a rise in financial inclusion.
In line with this upward trajectory, the volume of electronic payment transactions witnessed a remarkable 240% increase, totaling 17.34 billion transactions in 2023 compared to 5.1 billion in 2022.
NIBSS also reported that December saw the highest transaction volume, amounting to N1.76 billion, reflecting heightened spending during the festive season. Conversely, the lowest volume was recorded in March, with transactions totaling N978.7 million.
Furthermore, the data highlights that the peak value of transactions, N79 trillion, occurred in December 2023, while the lowest was in February 2022, with transactions amounting to N40.9 trillion.
The report underscores the continuous growth of financial inclusion, with formal financial inclusion expanding from 56% in 2020 to 64% in 2023. The document emphasizes that Nigeria is merely 1.0 percentage point away from achieving the 2022 Nigerian Financial Inclusion Strategy (NFIS) recommended targets for 2024. Therefore, equal attention must now be directed towards deepening the quality and impact of inclusion.
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News Source: Techeconomy
