Nigeria’s Bank Verification Number Enrollment Surges; Spur Cashless Society

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Nigeria’s drive for financial inclusion receives a significant boost as electronic payment adoption continues to soar, according to the latest statistics from the NIBSS website. The data reveals an impressive 89.3% year-on-year increase in the total value of transactions processed through the NIBSS Instant Payment System (NIP), reaching N234.50 trillion in Q1’24 from N123.9 trillion in the same period of 2023.

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This growth further surged by 20.5% quarter on quarter from N194.6 trillion in Q4’23, showcasing a robust expansion of Nigeria’s electronic transaction platforms.

The electronic payment ecosystem in Nigeria has expanded significantly in recent years, driven by various factors and supported by the Central Bank’s initiatives.

Notably, there has been a substantial 72% surge in the total monthly average value and volume of payment transactions, reaching N83.33 trillion by March 2024, compared to N48.3 trillion in March 2023. This growth underscores the success of initiatives such as the National e-Payments Strategy (NEPS), introduced in 2020, aimed at transforming Nigeria into a cashless society by 2025.

Despite a slight downturn in point-of-sale (PoS) transactions, the total mobile money transactions witnessed a remarkable acceleration, reaching N17.13 trillion, an 88.2% increase from the previous year.

Additionally, the Bank Verification Number (BVN) enrolment data shows a significant uptick, with 61,605,261 individuals registered as of April 2024, indicating growing participation in the banking system.

The surge in e-payment volume and value holds promising implications for Nigeria’s economy, fostering reduced cash usage, improving financial inclusion, and contributing to economic growth. Regulatory efforts to ensure data privacy and integrity across banks and payment channels will further enhance confidence in electronic payment adoption for all financial transactions.

 


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Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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