Cashless transactions in Nigeria rose by 42.05 per cent to hit $858.8 billion in 2022, according to new data from the Nigeria Inter-Bank Settlement System.
The new data revealed that Nigerians used cashless forms of payment to process $254.2 billion more than the $128.1 billion that was processed in 2021.
The $858.8 billion processed in 2022 amounted to the total amount processed on the Nigeria Instant Payment System and Point of Sales terminals, which is how cashless transactions are recorded on the NIBSS.
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