The Nigeria Inter-Bank Settlement System Electronic Funds Transfer (NIBSS NEFT) has reported significant growth in its electronic funds transfer services, facilitating a remarkable 44,828,568 transactions with a total value of ₦366.07 billion during the first half of 2024. This development highlights the increasing shift towards digital banking and electronic payments among Nigerian consumers.
According to data released by Nigeria's apex bank, there has been a noticeable decline in the use of traditional payment methods, particularly cheques. Despite their decreasing popularity, cheque transactions still accounted for an impressive ₦8.7 trillion in value during the same period, demonstrating their continued relevance in the financial landscape.
In contrast, the Automated Teller Machine (ATM) sector has also shown substantial activity, with total ATM transactions reaching ₦12.2 trillion across 496.4 million transactions. This surge indicates a growing reliance on automated banking solutions as consumers adapt to modern financial ecosystems.
The rise in digital transactions is closely aligned with the Central Bank of Nigeria's (CBN) ongoing cashless policy, which aims to encourage more electronic-based transactions. The CBN emphasizes that this policy not only promotes the convenience of payments for goods and services but also facilitates seamless electronic transfers, ultimately enhancing the overall efficiency of financial transactions in the country.
As the trend towards digital banking continues to gain momentum, it is clear that the NIBSS NEFT and other electronic payment platforms play a crucial role in shaping the future of banking in Nigeria. The shift away from cash-based transactions is indicative of a broader transformation within the financial sector, driven by advancements in technology and changing consumer preferences.
This transition towards a cashless economy is expected to contribute significantly to the overall growth of Nigeria's economy, improving financial inclusion and stimulating economic activities across various sectors. With continued support from the CBN and ongoing investments in digital infrastructure, Nigeria is well on its way to establishing a robust digital economy.
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