Nigeria’s Central Bank Governor, Mr Godwin Emefiele, stated that the electronic transaction volumes in Nigeria increased by 836 per cent between 2017 and 2021.
 
He added that the use of cash and cheques continued to diminish, as web-based transactions such as PoS, NIP, ATM and MMO have increased substantially, saying:
 
“For instance, between 2021 and 2017, the volume of transactions via electronic channels such as ATM, POS, WEB, MMO and NIP increased by 99.76, 1,775.72, 35,502.58, 2,413.44 and 836.50 per cent, respectively,”
 
More details at:
https://nairametrics.com/2023/05/02/nigerias-e-payment-transactions-soar-by-836-increase-in-four-years-emefiele/  

Nigeria has emerged as the top country for venture capital investments in 2022, a new report by the Africa Private Equity and Venture Capital Association, has revealed.
 
In its annual report, titled “2022 AVCA Venture Capital in Africa Report”, the continental body said that Nigeria outperformed other countries that made the list to account for 22 per cent.
 
The report said, “By region, West Africa maintained the top spot for the second consecutive year, with Nigeria as the most active country both in the region and on the continent.
 
“West Africa attracted the largest proportion of venture capital deal volume in Africa (30 per cent), driven by Nigeria which was the most active country by volume at 22 per cent.”
 
More details at:
https://punchng.com/nigeria-leads-africa-in-venture-capital-investments  

The Nigerian Diaspora community has remitted $168.33bn to the country in the past eight years, according to World Bank reports collated by our correspondents.
 
This is as foreign investments inflow into the country fluctuated in the period under review and caused a scarcity of foreign currency which has since led to the free fall of the naira.
 
According to data from the World Bank and Budget Office of the Federation, Nigeria’s Diaspora remittances have played a key role in assuaging the impact of foreign exchange scarcity and keeping the country’s forex reserve afloat.
 
In 2022, the World Bank stated that remittances flow to sub-Saharan Africa grew by 5.2 per cent to $53bn, with Nigeria getting the largest share.
 
More details at:
https://punchng.com/diaspora-nigerians-remitted-168bn-in-eight-years-world-bank-report
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Mobile money account ownership grew from 16 per cent in 2021 to 22 per cent in 2022, GSMA has stated.
 
According to the global body representing telecommunication firms, the recent Payment Service Bank licence granted to MTN and Airtel by the Central Bank of Nigeria is responsible for the growth.
 
A report titled, ‘The State of the Industry Report on Mobile Money 2023,’ said, “Among all adults that are aware of mobile money and have used a mobile phone, mobile money account ownership has grown from 16 per cent to 22 per cent in the last year.
 
“Of all adults with a mobile money account, 88 per cent have one registered in their own name (a nine percentage point increase year on year).”
 
More details at:
https://punchng.com/nigerian-mobile-money-accounts-grow-by-22-says-gsma
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A reduction in failed electronic payment transactions might have caused a 31.35 per cent increase in the value of cash transactions from $81.4 billion as of February 2023 to $106.9 billion as of March 2023.
 
This is after an increase in failed transactions in February caused e-payments to fall by 4.83 per cent from $85.5 billion in January. The value of cashless transactions in March also set a record for cashless transactions in Nigeria within a month, eclipsing the previous record of $92.6 billion set in December 2022.
 
According to new industry statistics from the Nigeria Inter-Bank Settlement System on Monday, Nigerians used electronic gateways 1.35 billion times in March, 448.54 million times more than the 901.46 million times they did in February.
 
More details at:
https://punchng.com/e-payments-rise-to-n49tn-over-naira-crisis
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Payment transactions through digital platforms have been projected to reach $14.25 billion this year, with an annual growth rate of 13.69 per cent resulting in a projected total amount of $23.81 billion by 2027.
 
According to Statista, a marketing insight and research platform, the market’s largest segment is digital commerce with a projected total transaction value of $12.36 billion in 2023.
 
More details at:
https://leadership.ng/digital-payment-to-hit-14-25bn-in-2023
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Banks' credit to the private sector rose from $76.4bn recorded at the end of January 2022 to $91.8bn in the corresponding period of 2023, figures obtained from the Central Bank of Nigeria have shown.
 
The CBN’s money and credit statistics indicated these amounts to a rise of $15.4bn in the one-year period.
 
The figures also showed that total credit rose to $66bn as of the end of January 2021 from $57.9bn at the end of January 2022.
 
More details at:
https://punchng.com/private-sector-gets-n42tn-bank-loans-report 

Nigeria’s insurance industry grew by 12.25 per cent in the fourth quarter of 2022, figures obtained from the National Bureau of Statistics have revealed.
 
According to the NBS report on Nigeria’s Gross Domestic Product for Q4 2022, the finance and insurance sector consisted of two subsectors: financial institutions and insurance.
 
While the former accounts for 92.84 per cent, the latter contributes 7.16 per cent to the sector’s growth in Q4.
 
More details at:
https://punchng.com/insurance-sector-records-12-growth-report
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Agusto & Co. Limited, a pan-African credit rating agency and business information provider has said Nigeria’s insurance industry’s 2022 gross premium will rise above $1.5bn from increased economic activities.
 
It stated this in its 2023 insurance industry report titled ‘The Nigerian insurance industry – Poised to survive the weak macro economy and an election year’.
 
According to Agusto & Co, “The Nigerian insurance industry’s estimated gross premium income maintained its double-digit growth trend and crossed the $1.5bn mark in FY 2022. The uptick in the industry’s premium was driven by several factors including improved economic activities and stronger regulatory support.”
 
More details at:
https://punchng.com/insurance-industry-premium-to-hit-n700bn-report
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The Naira’s scarcity caused by the Central Bank of Nigeria’s redesign and cash withdrawal policy has pushed Point of Sales transactions to $1.7bn in January 2023.
 
This is a 40.69 per cent year-on-year increase from the $1.2bn transactions that were done in January 2022. According to new data from the Nigeria Inter-Bank Settlement System, total cashless transactions in Nigeria rose by 45.41 per cent YoY to $85.6bn in January 2023.
 
The NIBSS monitors cashless transactions through the Nigeria Instant Payment System and Point of Sales terminals. Total NIP transactions for the period rose by 45.52 per cent YoY from $57.7bn as of January 2022 to $83.9bn as of January 2023.
 
More details at:
https://punchng.com/pos-transactions-grow-by-40-e-payment-hits-n39-58tn-nibss
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