Electronic Payments Transactions Hit ₦384tn In July—CBN

Electronic payment transactions in Nigeria rose sharply to ₦384tn in July 2025, marking a significant increase from ₦280trn in August 2024, according to the Central Bank of Nigeria (CBN).

The apex bank attributed the growth to deepening public confidence in digital platforms and ongoing reforms in the nation’s financial technology ecosystem.

CBN Governor Olayemi Cardoso, represented by the Director of Payment System Supervision, Opemi Yusuf, disclosed the figures during the opening ceremony of the Nigeria Fintech Week (NFW).

Cardoso said the number of transactions also increased to 4.12 billion in July 2025, up from 3.9 billion recorded in the same period last year.

“Over the last year, we have seen strong adoption of digital channels with total electronic payments reaching over 3.9 billion transactions valued at ₦280tn in August 2024 compared to the growth of 4.12 billion transactions valued at ₦384tn by July 2025,” he stated.

The CBN governor noted that the sustained expansion reflects the growing trust of Nigerians in digital payments, a development he said underscores the effectiveness of recent reforms aimed at improving financial inclusion, transparency, and system efficiency.

To consolidate these gains, Cardoso said the apex bank has intensified efforts to strengthen payment integrity and security through enhanced cybersecurity frameworks, advanced fraud detection systems, and strict operational standards.

“As Nigerians advance towards a cashless economy, the foundation of progress must remain trust in our payment system. Innovation loses its meaning if consumers are not confident in the safety of their money or the protection of their data,” Cardoso remarked.

He reaffirmed the CBN’s commitment to “responsible innovation” that balances creativity with financial stability, citing ongoing initiatives such as open banking, which, when fully implemented, will foster greater competition and personalized financial services for customers.

Cardoso further disclosed that the apex bank continues to collaborate with the Nigeria Electronic Fraud Forum and law enforcement agencies to combat cybercrime and protect consumers from digital risks.

“By balancing innovation with prudent oversight, we allow new technologies to flourish while protecting consumers and the broader financial system. A symphony is incomplete if some instruments are silent,” he said, in reference to the theme of this year’s fintech week.

In his welcome address, President of the Fintech Association of Nigeria (FintechNGR), Dr. Stanley Jacob, described the 2025 edition of the event themed, “The Fintech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future” as a call to collective action among ecosystem players.

“This is not merely an event; it has become a statement of intent,” Jacob said, urging stakeholders to forge strategic partnerships and pursue impactful collaborations that will shape Nigeria’s fintech landscape.