Electronic payment transactions in Nigeria surged to N384 trillion in July this year, rising by 37.14 per cent from N280 trillion in August 2024.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, disclosed this at the ongoing Nigeria Fintech Week 2025, which started on Tuesday, October 7, and is being held in Lagos.
Represented by the Director of Payment System Supervision, Opemi Yusuf, the CBN helmsman added that Nigeria recorded 4.12 billion electronic transaction volumes compared to 3.9 billion last year.
“Over the last year, we have seen strong adoption of digital channels, with total electronic payments reaching over 3.9 billion transactions valued at N280 trillion in August 2024 compared to the growth of 4.12 billion transactions valued at N384 trillion by July 2025,” Cardoso said.
He attributed the growth in electronic transactions to having mirrored the growing confidence of Nigerians in digital platforms, underscored by reforms within the payment ecosystem.
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But to maintain the growth momentum, Cardoso hinted that the apex bank is prioritising integrity and security through stringent standards, enhanced cybersecurity frameworks, and advanced fraud detection technologies.
He believes that when initiatives like open banking are fully operational, they could foster greater competition and enable banks to tailor financial services for customers.
“As Nigerians advance towards a cashless economy, the foundation of progress must remain trust in our payment system. “Innovation loses its meaning if consumers are not confident in the safety of their money or the protection of their data,” Cardoso said.
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He assured the bank’s continued efforts at working closely with the Nigeria Electronic Fraud Forum and law enforcement agencies to combat digital crime and protect consumers.
“By balancing innovation with prudent oversight, we allow new technologies to flourish while protecting consumers and the broader financial system. A symphony is incomplete if some instruments are silent,” Cardoso maintained.
Check by Pinnacle Daily shows that e-payment channels allowed by the apex bank include Automated Teller Machine (ATM) and Point of Sale (PoS) transactions, Internet, Mobile App and USSD transfers.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
