E-payment transaction volume falls 9.2%, value rises to N1,053trn
E-Payment Transactions in Nigeria Show Mixed Results in Q1 2026
By Babajide Komolafe
Nigeria’s electronic payment systems saw a year-on-year increase in overall transaction value in the first quarter of 2026, despite a decline in the number of transactions. According to the Central Bank of Nigeria’s quarterly statistical bulletin, total electronic payment transactions across six channels reached N1.053 quadrillion, up from N1.024 quadrillion in the same period the previous year.
The data indicates that while the value of transactions has grown, the volume decreased by 9.19% to 12.57 billion transactions in Q1 2026, down from 13.84 billion in Q1 2025. This trend suggests an increase in the average transaction amount despite a reduction in transaction frequency.
The six channels of electronic payment include cheque, Automated Teller Machine (ATM), Point of Sale (POS), Web Pay (Internet), Mobile Pay, and Nigeria Instant Payment (NIP). Of these, POS transactions experienced the largest decline, with a volume drop of 19.9% to 2.92 billion transactions and a value decrease of 16.42%, falling to N59.33 trillion from N70.98 trillion the previous year.
In contrast, ATM transactions showed a robust performance, with transaction volume increasing by 6.6% to 438.59 million, while transaction value surged by 64.62% to N26.30 trillion, up from N15.97 trillion.
Mobile Pay recorded an impressive growth rate, with transaction volume rising 28.6% to 2.67 billion, and transaction value increasing by 7.73% to N112.12 trillion from N104.07 trillion in Q1 2025.
However, NIP transactions presented mixed results, with transaction volume declining by 17.7% to 1.82 billion, while transaction value rose by 12.55% to N320.76 trillion from N284.99 trillion.
Web Pay transactions fell by 14.14%, with volume decreasing to 4.72 billion, and value declining slightly by 2.42% to N529.82 trillion compared to N542.99 trillion in the previous year.
Cheque transactions also experienced a decline, with volume down by 15.01% to 3.04 million and value dropping by 2.93% to N5 trillion from N5.15 trillion.
The report underscores the evolving dynamics of digital payments in Nigeria, highlighting a broader trend toward higher-value transactions across various channels, even as overall transaction volumes decline.
