An analysis of the CBN’s Quarterly Statistical Bulletin for the first half of 2025 (H1’25) shows that the value of transactions conducted through ATMs surged by 197.86 per cent year-on-year (YoY) to N36.34 trillion, compared with N12.2 trillion recorded in the corresponding period of 2024 (H1’24). Transaction volume via ATMs also rose significantly, increasing by 72.9 per cent to 858.8 million transactions from 496.5 million a year earlier.
Cheque transactions recorded more modest growth during the period. The value of cheque payments rose by 10.9 per cent YoY to N9.72 trillion in H1’25, up from N8.76 trillion in H1’24. Similarly, the volume of cheque transactions increased by 3.63 per cent to 7.13 million from 6.88 million in the same period last year.
Point of Sale (PoS) transactions continued to show strong momentum, reflecting increased adoption of electronic payments across the country. The value of PoS transactions climbed by 71.3 per cent to N147.19 trillion in H1’25, compared with N85.9 trillion in H1’24. Transaction volume also grew by 20.5 per cent, rising to 7.7 billion from 6.39 billion in the previous year.
Mobile payment platforms also posted notable gains. The value of mobile payment transactions rose by 33.98 per cent YoY to N213.58 trillion in H1’25 from N159.4 trillion in H1’24. In terms of volume, mobile payments increased by 26.6 per cent to 4.42 billion transactions, up from 3.49 billion in the same period last year.
Internet-based payments through WebPay recorded one of the largest increases in value. Transactions conducted via WebPay rose by 32 per cent YoY to N1.09 quadrillion in H1’25, compared with N825.5 trillion in H1’24. However, despite the growth in value, the volume of internet transactions declined by 7.4 per cent to 10.77 billion from 11.64 billion in the corresponding period of 2024.
Transactions through the National Electronic Funds Transfer (NEFT) system also saw growth in value, rising by 6.8 per cent YoY to N391.24 trillion in H1’25 from N366.07 trillion in H1’24. In contrast, the volume of NEFT transactions dropped by 17.4 per cent to 37 million from 44.83 million a year earlier.
Overall, the total value of electronic payment transactions across the major channels analysed stood at N1.89 quadrillion in the first half of 2025, representing a 29.5 per cent increase from N1.46 quadrillion recorded in H1’24. Total transaction volume also rose, growing by 7.9 per cent to 23.81 billion transactions from 22.07 billion in the same period last year.
The data highlights Nigeria’s continued shift toward digital and electronic payment systems, even as transaction patterns vary across different payment channels.