Nigeria's E-transaction landscape from 2018 to the first half of 2024, highlights a shift towards digital payment methods. Internet (Web) transactions have seen a remarkable surge, climbing from 51 million in 2018 to over 12 billion in 2024.

This exponential growth demonstrates the increasing adoption of online banking, e-commerce, and large-scale money transfers. As digital payment systems gain traction, the volume of PoS transactions also experienced steady growth, peaking at 6 billion in 2024, fueled by their convenience for everyday purchases like groceries and utilities. This growth aligns with the country’s shift towards a cashless economy.

Meanwhile, ATM transactions have followed a contrasting trend. While they reached 876 million in 2020, they steadily declined to 496 million by 2024, despite a minor increase in transaction volume in early 2024.

This decline reflects the reduced reliance on physical cash, as mobile and online platforms take precedence. The continued deployment of PoS terminals and the widespread acceptance of web-based payments indicate a significant cultural shift towards faster, more efficient, and cashless payment systems.