ADVERTISEMENT

Electronic transfers hit 3.5 billion in 2022 as Nigeria maintains 6th position globally

The decision of the Central bank of Nigeria (CBN) to turn the economy to a cashless one is fast yielding positive results as the volume of electronic transactions in Nigeria rose to 3.5 billion in 2022, thus maintaining Nigeria's ranking in the global Countries' electronic transaction ranking.

Electronic transfers hit 3.5 billion in 2022 as Nigeria maintains 6th position globally

This was confirmed by Ken Ife, a renowned economist, London Enterprise Ambassador and Chief Economic Strategist, ECOWAS Commission who spoke with ThisDay.

ADVERTISEMENT

According to Ife, “. . . We are even ahead of America, which was 1.2 billion while Nigeria was 1.8 billion transactions a year; while those ahead of us are India, China and South Korea, but Nigeria was doing really well.

And then in 2022, Nigeria’s transactions doubled and went to 3.5 billion transactions, which was equivalent to $200 billion turnover”. The value of cash transactions has over time, been on a steady increase as confirmed by the Nigeria Inter-Bank Settlement Systems (NIBSS) in a recent report.

Transactions worth N38.9 trillion were performed electronically during the period and according to Nairametrics, this is the highest monthly transaction record on the platform.

More report from the data also showed that from January to November 2022, the total value of NIP deals in the last 11 months was N345 trillion. Nigeria recorded a success rate on a global scale, as it made the list of top 10 countries with the highest electronic transactions.

A 2020 data on the global payment ranking by ACI Worldwide and GlobalData research, showed that India and China led in e-payments volume globally, with 25.5 billion and 15.7 billion transactions respectively.

South Korea (6 billion), Thailand (5.2 billion) and the United Kingdom (2.8 billion) followed behind to take the first five positions.

Nigeria came in 6th position with real-time payments volume of 1.91 billion, surprisingly topping the United States in 9th position with 1.21 billion payment volume.

With the volume of real-time transactions in Nigeria surging to 3.5 billion, Nigeria's economic growth and financial inclusion will gain more ground as the country looks towards improving electronic and real-time payments.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

The Central Bank of Nigeria has extended its deadline to phase out its old currencies

The Central Bank of Nigeria has extended its deadline to phase out its old currencies

Privacy Week: Nigeria’s data protection market value hits N5.5bn — Pantami

Privacy Week: Nigeria’s data protection market value hits N5.5bn — Pantami

Tanzania joins the list of African countries to sign an oil deal in the new year

Tanzania joins the list of African countries to sign an oil deal in the new year

Top 10 African countries with the highest GDP projections for 2023

Top 10 African countries with the highest GDP projections for 2023

Top 5 economies in Sub-Saharan Africa to watch out for in 2023, according to IMF

Top 5 economies in Sub-Saharan Africa to watch out for in 2023, according to IMF

Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

Shocking IMF report reveals Angola and Ethiopia to surpass Kenya as top economies in Sub-Saharan Africa

MAFAB launches 5G network in Lagos

MAFAB launches 5G network in Lagos

Libya is set to extend its gas supply chain with the Italian company, Eni

Libya is set to extend its gas supply chain with the Italian company, Eni

Food prices increased in December 2022 - NBS

Food prices increased in December 2022 - NBS

ADVERTISEMENT
ADVERTISEMENT