The Nigeria Inter-Bank Settlement System Electronic Funds Transfer (NIBSS NEFT) has reported significant growth in its electronic funds transfer services, facilitating a remarkable 44,828,568 transactions with a total value of ₦366.07 billion during the first half of 2024. This development highlights the increasing shift towards digital banking and electronic payments among Nigerian consumers.
According to data released by Nigeria's apex bank, there has been a noticeable decline in the use of traditional payment methods, particularly cheques. Despite their decreasing popularity, cheque transactions still accounted for an impressive ₦8.7 trillion in value during the same period, demonstrating their continued relevance in the financial landscape.
In contrast, the Automated Teller Machine (ATM) sector has also shown substantial activity, with total ATM transactions reaching ₦12.2 trillion across 496.4 million transactions. This surge indicates a growing reliance on automated banking solutions as consumers adapt to modern financial ecosystems.
The rise in digital transactions is closely aligned with the Central Bank of Nigeria's (CBN) ongoing cashless policy, which aims to encourage more electronic-based transactions. The CBN emphasizes that this policy not only promotes the convenience of payments for goods and services but also facilitates seamless electronic transfers, ultimately enhancing the overall efficiency of financial transactions in the country.
As the trend towards digital banking continues to gain momentum, it is clear that the NIBSS NEFT and other electronic payment platforms play a crucial role in shaping the future of banking in Nigeria. The shift away from cash-based transactions is indicative of a broader transformation within the financial sector, driven by advancements in technology and changing consumer preferences.
This transition towards a cashless economy is expected to contribute significantly to the overall growth of Nigeria's economy, improving financial inclusion and stimulating economic activities across various sectors. With continued support from the CBN and ongoing investments in digital infrastructure, Nigeria is well on its way to establishing a robust digital economy.
Play audio
Comments
Add your comment
Categories
Startup Raises
262
Feature
83
Fintech
39
Fresh News
705
How To
85
Acquisition
39
Reports
23
Opinion
57
Recent Posts
Experts Advocate for AI and Data-Driven Strategies to Accelerate Business Growth
The Nigerian Marketing Research Association (NiMRA...
Paga Launches Doroki to Scale Up Business Owners’ Operations
Paga Group has announced the launch of Doroki, an...
SEC Nigeria Flags ZugaCoin and SamZuga GPT as Unregistered Meme Coins
The Securities and Exchange Commission (SEC) Niger...
MarkHack 4.0: A Showcase of Innovation and Insights
On March 23, 2025, industry leaders,
marketers, a...
How to Successfully Transition from a Startup to a Scale-Up
Proven Strategies for Navigating the Growth Curve...
Related Post
Paga Launches Doroki to Scale Up Business Owners’ Operations
Paga Group has announced the launch of Doroki, an innovative, cloud-based softwa...
SEC Nigeria Flags ZugaCoin and SamZuga GPT as Unregistered Meme Coins
The Securities and Exchange Commission (SEC) Nigeria has issued a warning to inv...
Olatunbosun Alake Honoured at Tech Impact Awards 2025
Olatunbosun
Alake,
Honourable Commissioner for Innovation, Science and Technol...
No comments