Paystack, a leading payment company, has achieved a groundbreaking milestone, processing a staggering N1 trillion worth of transactions in July 2024, a first in the company’s history.
This remarkable feat marks a significant leap from the N1 billion transaction value mark reached in mid-2017 and the N10 billion processed in November 2018, showcasing Paystack’s exponential growth.
The surge in cashless transactions, prompted by the scarcity of physical naira, has contributed to Paystack’s success, with Nigeria Inter-Bank Settlement System (NIBSS) data revealing a 45.41% year-on-year increase in January 2023.
As more Nigerians embrace digital payment channels, experts predict continued growth in the e-payment space, with Africa leading the way in real-time electronic payments, and Nigeria at the forefront.
According to data from the Nigeria Inter-Bank Settlement System (NIBSS), cashless transactions rose by 45.41 percent year-on-year to N39.58tn in January 2023. This was because the scarcity of physical naira prompted many to adopt digital channels.
As Q1 2023 ended, cashless transactions had increased by 44.84 percent to N126.73tn from N87.49tn in the corresponding period of 2022. By the end of the year, cashless transactions had peaked at over N600 trillion from N395.38 trillion in 2022 as more Nigerians embraced digital payment channels. This trend continued in 2024, with transactions growing by 88.09 percent to N237 trillion in the first quarter (Q1) of 2024.
Paystack’s achievement underscores the rising adoption of digital payments in Nigeria, paving the way for a cashless economy.
