The value of electronic payments carried out by Nigerians rose to N1.053 quadrillion in the first quarter of 2026. However, the total number of transactions declined.
According to Vanguard, figures contained in the Central Bank of Nigeria’s quarterly statistical bulletin showed that electronic payment value increased. It rose from N1.024 quadrillion recorded during the corresponding period of 2025.
Transaction volume drops 9.2%
While more money passed through electronic payment channels, the number of individual transactions fell by 9.19 per cent.
Transaction volume dropped from 13.84 billion in the first quarter of 2025 to 12.57 billion during the same period this year.
The data covered six channels — cheques, Automated Teller Machines, Point of Sale terminals, web payments, mobile payments and Nigeria Instant Payment.
The figures suggest Nigerians conducted fewer transactions while moving larger amounts of money on average.
POS transactions record sharp decline
Point of Sale transactions experienced one of the largest declines.
POS transaction volume fell by 19.9 per cent to 2.92 billion from 3.64 billion a year earlier.
Their value also dropped to N59.33 trillion, compared with N70.98 trillion recorded during the first quarter of 2025.
That represents a fall of about N11.65 trillion in POS transaction value.
ATM, mobile payments record growth
ATM transactions moved in the opposite direction, with both volume and value increasing.
ATM transaction volume rose to 438.59 million, while transaction value jumped by more than 64 per cent to N26.30 trillion.
Mobile payments recorded particularly strong growth in volume, increasing to 2.67 billion transactions from 2.08 billion a year earlier.
Nigeria Instant Payment transactions declined in number but increased in value, reaching N320.76 trillion.
The figures underline continuing changes in how Nigerians move money. Digital banking, mobile applications and other electronic channels are becoming increasingly embedded in everyday financial activity.
