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In April 2024, electronic payment (e-payment) transactions in the country decreased by 9.31% to N79.85 trillion from N88.04 trillion in the previous month, as reported by Financial Derivatives Company Limited (FDC).
The data obtained from the Nigeria Interbank Settlement System (NIBSS) showed a 10.68% increase in cheque transactions to N290.36 billion, while other electronic payment platforms experienced a decline.
Specifically, NIBSS Instant Payment (NIP) transactions fell by 9.31% to N75.32 trillion, NEFT transactions declined by 9.07% to N3.42 trillion, and Point Of Sale (POS) terminal transactions dropped by 15.35% to N811.77 billion.
The report attributed the decline in April to reduced consumer spending, delayed discretionary purchases, and a shift towards lower-value transactions.
It also predicted a further decline in May due to decreased consumer spending and business activities.
However, data from NIBSS indicated that e-payment transactions had been steadily increasing since July 2023, with analysts pointing to factors driving digital payment adoption in the country.
