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Web Payment Now 0.215% in Nigeria (Excl. Cash Channel)

Nigeria continues to see improvement in the digital payment channels. In 2017, web channel (by volume of transaction) grew 106%.  The way it looks, by 2025, cheque payment may only be available in museums: it continues to fall. And this is the fun part from the National Bureau of Statistics data: If the total payment channel transaction was N86 trillion, the N185 billion credited to web represents 0.215% of the total value of transaction in 2017 (excluding cash payment). In other words, about 0.215% of all payments in Nigeria were done on the web. Now, add cash payment, that number will drop further.

Simply, for all your fancy websites and payment integration, it is important you still provide alternative means to collect payment. Just providing your bank payment for people to pay into would help. We are still far from this web payment thing. Nairametrics has more data.

Nigeria’s payment channel transactions hit an all-time high of ₦86.1 trillion in 2017 according to the data from the National Bureau of Statistics. This is a 32% increase from the total transaction value of ₦65.1 trillion.

Total transaction volume for the year was a whopping ₦1.4 billion, a 58% rise from the same period in 2016. The report compiles data from cheques, POS, Mobile Money, Online web transactions, ATM, NIP, NEFT.

Volumes of transaction

Value of transaction

We are still too traditional and primitive, enough of the noise about advancement and leapfrogging. Put everything in dollars, then you realise that Nigeria is very far from being impressive.