Recent figures from NIBSS reveal Nigeria is still largely a cash-based economy

by | May 2, 2018

According to the Electronic Payment Fact Sheet by the Enterprise Intelligence Unit of the Nigeria Inter-Bank Settlement System Plc (NIBSS), the total value of transactions via mobile money operators in Nigeria for Q1 2018 was ₦329.12 billion.

The fact sheet reveals that mobile money services remain one of the channels with the lowest transaction volumes as well as value.

The total transaction volume conducted over mobile money operations was 15.25 million. This is an indication that its adoption is still very low compared to other payment channels.

The fact sheet also shows that the total number of customers on mobile money services is 1.5 million which is arguable, considering that Paga recently claimed to have provided financial services to more than 8 million users on its platform, after reaching the 5 million user milestone 2 years ago.


Another item worthy of note is that electronic fund transfers recorded a total of ₦2.75 trillion in value for the quarter.

Adoption and penetration of Point of Sales (PoS) terminals is still very low, the total number of connected and deployed terminals as at March 2018 is 170,306. However, the total transaction value is higher than that of mobile money operations at ₦470 billion.

Activities over Automated Teller Machines (ATM) recorded the highest number of deals at 212.37 million for ₦1.57 trillion in value. With the number of transactions on ATMs, we can conclude that Nigeria is still a cash-based economy.

NIBSS Instant Payment (NIP) had the highest value for the quarter with ₦17.8 trillion while web payments accounted for the lowest with ₦60.74 billion.

You can download the Electronic Payment Fact Sheet here (PDF).

Yinka Awosanya
Yinka Awosanya

Mobile & African Tech Enthusiast │ Data Analyst │ Music


On January 22, 2022, be part of the largest gathering of innovators, startup founders, thinkers, programmers, policymakers, and investors in West Africa. Register free.

Notify of
Inline Feedbacks
View all comments

Recent News

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Crypto Explorer

A monthly series featuring in-depth analysis on the cryptocurrency sector in Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap