Business: Cashless transactions surge 88% to N237trn in Q1

Cash transactions in Nigeria rose to N237 trillion in the first quarter of 2024, according to new statistics from the Nigeria Interbank Settlement System.

According to data, this was an 88 percent increase from the N126 trillion reported in the first quarter of 2023.

BusinessDay analysis of the data revealed that electronic payment channels were used 3.09 billion times in the first three months, a 6.2 percent increase from the 2.91 billion times they were used in the corresponding period of 2023.

The NIBSS records cashless transactions from the Nigeria Instant Payment System and Point of Sales terminals. The total value of instant payment in the first three months was N234.5 trillion, and PoS was N2.6 trillion.