Mobile money operations in Nigeria processed transactions worth ₦20.7 trillion in the first quarter of 2025, an increase of 20.3% from ₦17.2 trillion in the same period of 2024, according to Nigeria Inter-Bank Settlement System (NIBSS) data reported on 28 July 2025.
The total value of electronic payment transactions across NIBSS channels rose 24% year on year to ₦317.2 trillion, from ₦255.69 trillion in the first quarter of 2024. The NIBSS Instant Payment (NIP) system remained the largest channel, with transactions rising 21.5% to ₦285 trillion from ₦234.49 trillion.
POINT-OF-SALE AND OTHER CHANNELS
Point-of-sale (PoS) transactions recorded the fastest growth, rising 301.5% to ₦10.52 trillion from ₦2.62 trillion a year earlier. PoS transaction volume increased 147.4% to 776.94 million. Across all channels, however, the number of e-payment transactions fell 17.3% to 4.4 billion from 5.32 billion in the first quarter of 2024.
Several smaller channels declined in value. NQR code payments fell 72% to ₦100.09 billion from ₦358.73 billion, eBills Pay dropped 84.4% to ₦78.27 billion from ₦501.8 billion, and NIBSS Direct Debit fell 58.6% to ₦3.38 billion from ₦8.18 billion. Automated clearing house transactions rose 39% to ₦14.13 billion from ₦10.16 billion, while cheque transactions totalled ₦886.8 billion, compared with ₦855.34 billion a year earlier.
MOBILE MONEY PROVIDERS
Among the country's mobile money providers, PalmPay launched Verve-branded debit cards in March 2025, saying it expected to onboard millions of cardholders by the end of the year through its network of more than one million agents. The company said at the time that it had more than 35 million users.