The Central Bank of Nigeria says Digital payments in Nigeria have recorded a 276 per cent increase in transaction volume over the past five years, underscoring rapid adoption of electronic channels, even as cash continues to play a critical role in the economy.

This was disclosed at the Committee on Bank Operations Annual Conference, where the Governor, Mr Olayemi Cardoso, delivered the keynote address through his Special Adviser, Fatai Kareem.

In his address, the CBN governor highlighted the need for a balanced payment ecosystem in which digital innovation and physical cash coexist rather than compete.

According to the data presented during the keynote, the value of digital payment transactions also grew by 581 per cent over five years. 

The figures, drawn from industry payment infrastructure, reflect increasing consumer confidence, policy reforms, and technological innovation within Nigeria’s financial system.

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