Nigeria's move to a cashless economy is gaining traction, with electronic payment transactions reaching $256 billion by July 2025, according to the Central Bank of Nigeria (CBN).
This marks a substantial jump from the $187 billion recorded in August 2024, highlighting increased public confidence in digital transactions and the ongoing transformation of the country's financial sector.
CBN Governor Olayemi Cardoso, represented by Opemi Yusuf, director of payment system Supervision, announced at the Nigeria Fintech Week 2025 opening ceremony in Lagos.
According to him, the volume of electronic transactions also increased from 3.9 billion in 2024 to 4.12 billion in July 2025.
“Over the past year, we’ve witnessed a remarkable adoption of digital channels, with transaction values rising from $187 billion to $256 billion,” Cardoso said.
To maintain this momentum, he stated that the CBN is enhancing integrity and security standards, strengthening cyber security frameworks, and advancing fraud detection technologies.
Cardoso emphasised the bank's commitment to responsible innovation that combines creativity and financial stability.
"As Nigeria approaches a fully cashless economy, trust remains the foundation. Innovation loses value when users are concerned about the safety of their funds or data," he remarked.
He noted that the CBN continues to work with the Nigeria Electronic Fraud Forum and law enforcement authorities to combat digital crime and protect consumers, ensuring that innovation and oversight go hand in hand.
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