Electronic payment transactions across six major channels recorded a 2.85 per cent year-on-year increase in value to N1.053 quadrillion in the first quarter of 2026, compared with N1.024 quadrillion in the same period of 2025.
The figures indicate that Nigerians carried out fewer electronic transactions during the period, even though the total value of money transferred through the channels increased.
The data, contained in the Central Bank of Nigeria’s Q1 2026 Statistical Bulletin, covered cheque, Automated Teller Machine (ATM), Point of Sale (POS), Web Pay, Mobile Pay and Nigeria Instant Payment (NIP).
Overall transaction volume dropped by 9.19 per cent, from 13.84 billion transactions in Q1 2025 to 12.57 billion in Q1 2026.
The decline suggests that the average value of individual electronic transactions increased during the period.
POS records sharpest decline
POS transactions recorded the most significant drop in volume, falling by 19.90 per cent to 2.92 billion in Q1 2026 from 3.64 billion a year earlier.
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 approximately 724 million transactions and about N11.65 trillion in transaction value.
ATM transactions increase
ATM transactions moved in the opposite direction, with both volume and value recording growth.
Transaction volume increased by 6.60 per cent to 438.59 million in Q1 2026 from 411.42 million in Q1 2025.
The value of ATM transactions rose much more sharply, increasing by 64.62 per cent from N15.97 trillion to N26.30 trillion.
Mobile Pay records strongest volume growth
Mobile Pay recorded the strongest increase in transaction volume, rising by 28.60 per cent to 2.67 billion transactions from 2.08 billion in the corresponding period of 2025.
Its transaction value also grew by 7.73 per cent, reaching N112.12 trillion compared with N104.07 trillion previously.
NIP volume falls while value rises
Nigeria Instant Payment (NIP) transactions recorded a mixed performance.
The volume dropped by 17.70 per cent, from 2.22 billion to 1.82 billion transactions, while the value increased by 12.55 per cent to N320.76 trillion from N284.99 trillion.
Web Pay and cheque transactions decline
Web Pay transactions fell by 14.14 per cent in volume, from 5.50 billion in Q1 2025 to 4.72 billion in Q1 2026.
However, the value declined by only 2.42 per cent, from N542.99 trillion to N529.82 trillion.
Cheque transactions also recorded declines, with volume dropping by 15.01 per cent to 3.04 million from 3.57 million.
The value of cheque transactions fell by 2.93 per cent, from N5.15 trillion to N5 trillion.
