•POS transactions fall 20%, value drops to N59.3trn  •ATM transaction value jumps 64.6% to N26.3trn

By Babajide Komolafe

Electronic payment transactions, via six channels,  recorded a 2.85 per cent, year-on-year, YoY increase  in value  to N1.053 quadrillion  in the first quarter of 2026, Q1’26 from N1.024 quadrillion in the same period of 2025, Q1’25.

This shows that   Nigerians carried out fewer transactions while the amount moved through the various channels increased.

The six channels  are cheque, Automated Teller Machine, ATM; Point of Sale, POS; Web Pay (Internet); Mobile Pay and Nigeria Instant Payment, NIP.

However, transaction volume across six channels fell by 9.19 per cent, YoY to 12.57 billion in Q’26 from 13.84 billion transactions in Q1’25.

The development indicates an increase in the average amount involved in individual transactions despite the decline in the number of transactions.

The Central Bank of Nigeria, CBN disclosed this in its quarterly statistical bulletin for Q1’26, which showed that the POS channel recorded the sharpest decline  during the period, with transaction volume falling by 19.90 per cent to 2.92 billion in Q1’26 from 3.64 billion in Q1’25.

Similarly, the value of POS transactions also declined by 16.42 per cent, YoY to N59.33 trillion in Q1’26 from N70.98 trillion in Q1’25.

The decline means that POS transactions fell by about 724 million during the period, while the value of transactions processed through the channel dropped by about N11.65 trillion.

In contrast, ATM transactions recorded growth in both volume and value.

ATM transaction volume rose by 6.60 per cent, YoY to 438.59 million in Q1’26 from 411.42 million in Q1’25. More significantly, transaction value surged by 64.62 per cent, YoY to N26.30 trillion in Q1’26  from N15.97 trillion in Q1’25.

Mobile Pay recorded the strongest growth in transaction volume, rising by 28.60 per cent, YoY to 2.67 billion in Q1’26 from 2.08 billion transactions in Q1’25. Its transaction value also increased by 7.73 per cent, YoY  to N112.12 trillion in Q1’26   from N104.07 trillion in Q1’25.

NIP transactions, however, showed a divergence between volume and value. Transaction volume declined by 17.70 per cent, YoY to 1.82 billion in Q1’26 from 2.22 billion in Q1’25, while transaction value increased by 12.55 per cent, YoY to N320.76 trillion in Q1’26 from N284.99 trillion in Q1’25.

Web Pay transactions fell by 14.14 per cent, YoY  in volume, to 4.72 billion in Q1’26  from 5.50 billion in Q1’25, while their value declined by only 2.42 per cent, YoY to N529.82 trillion in Q1’26 from N542.99 trillion in Q1’25.

Cheque transactions also declined, with volume falling by 15.01 per cent, YoY to 3.04 million in Q1’26 from 3.57 million in Q1’25, while value dropped by 2.93 per cent, YoY to N5 trillion in Q1’26  from N5.15 trillion in Q1’25.