Instant transfers hit N1.07qn as bank accounts surge to 311.6m
BY MOTOLANI OSENI
The value of instant electronic transactions in Nigeria soared to an unprecedented N1.078 quadrillion in 2024, marking a 79.6 per cent increase from the N600.349 trillion recorded in 2023.
This surge coincided with a sharp rise in active bank accounts, which grew to 311.649 million by the end of the year, according to newly released data from the Nigeria Inter-Bank Settlement System (NIBSS).
Transaction volume also saw significant growth, reaching 11.27 billion in 2024 compared to 9.669 billion in 2023. May recorded the highest number of transactions, while December posted the highest transaction value.
Point of Sale (POS) transactions followed a similar trajectory, with their total value rising to a record N18.146 trillion, up from N10.736 trillion in 2023. Transaction volume increased to 1.454 billion from 1.386 billion. T
he sharpest spikes were observed in November and December, as customers turned to banking agents amid cash shortages and service disruptions at banks.
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The rapid adoption of POS payments was further reflected in the deployment of POS terminals, which surged to 5.56 million by the end of 2024, more than double the 2.448 million deployed in 2023. The number of registered POS terminals also climbed to 7.78 million from 3.48 million the previous year, with a significant jump in October when registrations rose from 4.3 million to 6.8 million.
Meanwhile, the expansion of bank accounts was remarkable, with 102.33 million new accounts opened in 2024. However, account closures were also notable, as 3.77 million accounts were shut within the year.
Bank Verification Number (BVN) enrolment also grew, reaching 63.47 million in 2024, up from 51.9 million in 2021. As of this month, total BVN enrolment stands at 64.921 million, reflecting a 25.1 per cent increase since 2021.
