Broadband penetration has increasingly pushed cashless transactions in Nigeria to N277.61 trillion naira in the first nine months of 2022.
This is a 41.58 percent increase from the N196.08tn reported in the corresponding period of 2021.
Electronic payment transactions are monitored on the Nigeria Inter-Bank Settlement System through the Nigeria Instant Payment System and Point of Sales terminals.
According to the Executive Vice Chairman of the Nigerian Communications Commission, Prof. Umar Danbatta, an increase in financial inclusion, which includes an increase in the use of payments, was dependent on broadband availability.
According to data from the Nigerian Communications Commission, broadband penetration had grown from 42.93 percent in January to 44.65 percent in August 2022, with the total number of mobile Internet subscribers hitting 152.28 million (the highest since December 2020).
Also, since the outset of COVID, data consumption in the country has increased from 123,648TB in December 2019 to 350,165.39TB in December 2021 as a result of increased investment in the 4G network in the nation.
Recently, the Chief Executive Officer of MTN Nigeria, Karl Toriola, disclosed that about half of the company’s subscribers owned smartphones.
According to the National President of, the Association of Mobile Money Agents in Nigeria, Victor Olojo. More people could now link their phones to carry out transactions, which was driving financial inclusion and access to the payment.
“More people have access to finance and that way, they can link their accounts to their mobile numbers to carry out transactions. More Nigerians have been able to embrace mobile banking,” he added.
Rising broadband access also means increased stability of payment platforms leading to frequent use.
The Head, of Corporate Communications, NIBBS, Lilian Phido, said that, “It is very clear that more and more people are accepting the available channels of payment and the platforms are stable. With stability, these components have grown.”