Nigeria to reach a digital payments volume of 7.7 bln by 2025

Thursday 3 June 2021 13:09 CET | News

A report by ACI Worldwide has shown that Nigeria will witness a transition to digital payments over the next five years, and real-time volumes will reach 7.7 billion by 2025.

It said real-time payment volumes spiked in the country in 2020, rising to over 70% of digital payment transactions. The report indicated that this might be due to COVID-19, which accelerated digital transformation to reduce pressure on the paper-based payments.

Real-time volume was 1.9 billion in 2020, which represents a 45% growth. Since it launched in 2011, real-time payment has grown, although in terms of transaction volume, cash is the most popular payment method, especially for every day, inexpensive payment.

With 56% of Nigerians unbanked as of 2020, real-time payment adoption and usage continue to be hindered, according to the report. It noted that to address the gap in financial inclusion, the Central Bank of Nigeria had undertaken a payments modernisation initiative to launch payment service banks.

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Keywords: digital payments, report, ACI Worldwide, COVID-19, transactions , unbanked
Categories: Payments & Commerce | Online Payments
Countries: Nigeria
This article is part of category

Payments & Commerce