Nigeria’s electronic payment transactions recorded mixed performance in the first quarter of 2026, with the overall value of transactions rising despite a decline in transaction volumes across the six payment channels tracked by the Central Bank of Nigeria (CBN).
According to CBN data covering cheques, ATMs, point-of-sale terminals, web payments, mobile payments and Nigeria Instant Payment (NIP), the value of electronic payment transactions increased 2.85% year on year to N1.053 quadrillion in Q1 2026, from N1.024 quadrillion a year earlier.
At the same time, transaction volume declined 9.19% to 12.57 billion from 13.84 billion transactions in Q1 2025, indicating that fewer transactions moved a larger overall value during the quarter.
Point-of-sale (POS) transactions recorded the largest decline in volume, falling 19.90% to 2.92 billion. POS transaction value also decreased 16.42% to N59.33 trillion.
Web Pay transactions followed a similar trend, with volume declining 14.14% to 4.72 billion and transaction value falling 2.42% to N529.82 trillion. Cheque transactions also declined, with volume dropping 15.01% to 3.04 million and value decreasing 2.93% to N5 trillion.
Nigeria Instant Payment recorded a 17.70% decline in transaction volume to 1.82 billion, although its transaction value increased 12.55% to N320.76 trillion.
Mobile payments were among the strongest performers by volume, increasing 28.60% to 2.67 billion transactions. Their total value also grew 7.73% to N112.12 trillion.
ATM transactions recorded growth in both volume and value. Transaction volume increased 6.60% to 438.59 million, while transaction value climbed 64.62% to N26.30 trillion.
The figures point to continued changes in Nigeria’s digital payments landscape, with mobile payments gaining transaction volumes while higher-value activity increasingly flows through channels such as web payments, NIP and ATMs.
The divergence between transaction volume and value also highlights the changing behaviour of users and businesses across Nigeria’s electronic payment ecosystem, as digital channels continue to play a central role in financial transactions and the broader digital economy.
