Nigeria has achieved a monumental economic landscape through the nation’s electronic payment transactions, having reached an unprecedented N1.07 quadrillion in 2024, marking a 79% increase from the N600 trillion recorded in 2023.
The Tinubu Stakeholders Forum (TSF) made the observation in a statement issued by its Chairman, Hon Ahmed Sajoh and Secretary, Afolabi Josiah.
The statement read, “This remarkable feat underscores Nigeria’s emergence as a digitally driven economy, reflecting significant growth and the increasing adoption of electronic payment systems by our citizens.
“The surge in e-transactions not only highlights the robustness of our financial infrastructure but also signals a positive trajectory for the nation’s Gross Domestic Product (GDP).
The Forum commended the strategic initiatives implemented by the Central Bank of Nigeria (CBN) under the leadership of Governor Yemi Cardoso and the visionary guidance of President Bola Ahmed Tinubu.
“Their efforts have been instrumental in fostering an environment conducive to the rapid adoption of cashless transactions, thereby enhancing economic efficiency and transparency,” the Forum said.
TSF further opined that with the rapid expansion of e-commerce, regulators must remain vigilant, adding that the digital economy presents both opportunities and challenges, including risks related to cybersecurity and fraud.
It therefore urges regulatory bodies to double up their efforts in educating Nigerians about the benefits and potential pitfalls of electronic transactions. “Public awareness campaigns and robust security measures are essential to safeguard users and maintain trust in the system.
“The success of the cashless policy also indicates significant improvements in our cybersecurity framework, leading to more seamless and secure transactions. The increase in active bank accounts to 311.6 million in 2024 further demonstrates the growing trust and reliance on our financial institutions.
“Above all, we attribute this success to the resilience and adaptability of Nigerians. Despite various challenges, our citizens have embraced the cashless economy, driving its growth and contributing to the nation’s economic development.
The Tinubu Stakeholders Forum remains committed to supporting initiatives that promote economic advancement and the well-being of all Nigerians.
