Growth of Electronic Forms of Payment in Nigeria

As reported by the ePaymentsnews Network, there has been a record boost in the adoption of electronic payments in Nigeria. These transactions vary including ATMs, POS terminals, mobile, and internet and bank branches accessing the network. The number of epayment monthly transactions quickly rose from 50,000 in 2004 to 13.6 million in March 2007 and 51.2 million in March 2008.

An obvious reason for the growth spurt and increased reach is the ability of Nigerian nationals to access their accounts away from the bank locations via card services. Transactions are expected to grow even more as card payment services continue to progress in Nigeria.