Electronic money transfers in Nigeria increased to N566.39trn by July

Nigeria’s usage of digital payments has significantly increased, as seen by the cumulative N566.39 trillion in electronic transfers that occurred between January and July 2024.
The biggest monthly total, N89.5 trillion, was reported in July, representing an 89 per cent year-over-year increase.
As more Nigerians use digital platforms for their financial requirements, this trend mirrors a larger trend towards cashless transactions.
Through a number of important causes, mobile reach has had a major impact on the expansion of electronic transfers in Nigeria.
Through a number of important causes, mobile reach has had a major impact on the expansion of electronic transfers in Nigeria.
It was reported that mobile money transfers increased by 74 per cent to N41.5 trillion in early 2024 due to the greater access to mobile banking apps made possible by the rise in smartphone ownership, which is expected to reach 60 per cent by 2025.