CBN Reports 120% Rise in Instant Payment Transactions to N11 Billion by 2024

The Central Bank of Nigeria (CBN) has revealed a significant growth in instant payment transactions, with a 120% rise from N5 billion processed in 2022 to N11 billion processed in 2024 through the NIBSS instant payment platform. The CBN's fintech report aims to shape the future of fintech in Nigeria by providing a comprehensive assessment of the country's fintech ecosystem and a strategic roadmap for its development.

The report analyzes Nigeria's fintech landscape, identifies core strengths, emerging opportunities, key reforms needed for sustaining innovation, and protecting financial stability and consumer trust. It positions fintech as a complementary pillar to the financial system, supporting inclusivity, efficiency, and long-term economic growth.

The report also highlights challenges such as regulatory clarity, time-to-market constraints, new product access, shared infrastructure compliance costs, and cross-border expansion limitations. It proposes policy options to improve regulatory engagement, streamline processes, strengthen supervisory capacity, and address constraints related to capital access and data sharing.