CBN data shows Nigerians moved more money through digital channels even as transaction numbers declined….
The value of electronic payment transactions processed through six major channels rose to N1.053 quadrillion in the first quarter of 2026, representing a 2.85 per cent year-on-year increase from N1.024 quadrillion recorded in the corresponding period of 2025.
The increase came despite a decline in the number of transactions, indicating that Nigerians moved larger amounts of money through the payment system during the period.
Data from the Central Bank of Nigeria’s Q1 2026 Statistical Bulletin showed that transaction volume across the six channels fell by 9.19 per cent year-on-year, from 13.84 billion transactions in Q1 2025 to 12.57 billion in Q1 2026.
The channels covered in the report are cheques, Automated Teller Machines, ATMs, Point-of-Sale terminals, POS, Web Pay, Mobile Pay and Nigeria Instant Payment, NIP.
The POS channel recorded the steepest decline in transaction volume, which dropped by 19.90 per cent to 2.92 billion transactions from 3.64 billion in the same period of 2025.
The value of POS transactions also fell by 16.42 per cent, declining from N70.98 trillion to N59.33 trillion. This represents a reduction of about 724 million transactions and N11.65 trillion in transaction value.
ATM transactions, however, recorded increases in both volume and value during the period.
ATM transaction volume rose by 6.60 per cent year-on-year to 438.59 million from 411.42 million, while the value surged by 64.62 per cent to N26.30 trillion from N15.97 trillion.
Mobile Pay recorded the strongest growth in transaction volume, increasing by 28.60 per cent to 2.67 billion transactions from 2.08 billion in Q1 2025.
The value of Mobile Pay transactions also grew by 7.73 per cent, rising to N112.12 trillion from N104.07 trillion.
NIP transactions recorded a different trend, with transaction volume declining while the value increased. Volume fell by 17.70 per cent to 1.82 billion from 2.22 billion, while transaction value climbed by 12.55 per cent to N320.76 trillion from N284.99 trillion.
Web Pay transactions also declined in volume, falling by 14.14 per cent to 4.72 billion from 5.50 billion transactions.
However, the value processed through the channel fell by only 2.42 per cent, from N542.99 trillion to N529.82 trillion.
Cheque transactions continued their downward trend, with volume dropping by 15.01 per cent to 3.04 million from 3.57 million, while the value declined by 2.93 per cent to N5 trillion from N5.15 trillion.
The figures point to a shift towards fewer but higher-value electronic transactions, with growth in channels such as Mobile Pay and ATM transactions helping to offset declines recorded across POS, Web Pay, NIP and cheque transactions.
