In the first half of 2024, Nigerians moved ₦828 trillion through internet transfers alone. To put that in perspective, that figure reflects that Nigerians moved more through internet transfers in six months than the country’s annual GDP. It also reflects an 83% increase over internet transfer values recorded in H1 2022, a sign of how quickly digital payment preferences are accelerating in both scale and reliability.

But this number doesn’t just show growth. It signals a deeper transformation in how Nigerians interact with money. The way people move value today is faster, more direct, and increasingly digital-first.

The Rise of Digital Rails

Internet transfers, mobile apps, and mobile money platforms now account for most of Nigeria’s daily financial transactions. That rise is being shaped by a few key structural factors:

• Demographics: With 74% of Nigerians under 35, the country is home to a young, tech-savvy population that naturally gravitates toward mobile-first experiences.
• Device access: Smartphone adoption and mobile internet penetration continue to rise, especially in urban and peri-urban regions.
• Platform maturity: Many users now trust apps over ATMs. Self-service platforms are simpler, faster, and often more reliable than legacy alternatives.

Together, these forces are pushing the system toward a new normal, one where users expect payments to be instant and secure.

Infrastructure Is the New Battleground

At the heart of this shift is infrastructure. As payment volumes rise, so do expectations around speed, reliability, and transparency. This is where players like Zone are helping reshape the rails beneath Nigeria’s financial system.

Zone’s regulated blockchain network enables not just fast and secure payments, but payments that are traceable, auditable, and compliant by design. For example, our blockchain-backed POS reconciliation process helps eliminate settlement delays and disputes between acquirers and issuers, improving liquidity and trust at the point of transaction.

We’re also powering embedded finance use cases, where payment capabilities are built directly into platforms consumers already use, from e-commerce and agent networks to others. This creates more seamless, inclusive financial access across sectors.

What This Means 

The rise of internet and mobile payments is no longer a trend. It’s a market shift. For banks, fintechs, and payment service providers, this means:

• Users are making clear choices. They want speed, ease, and transparency.
• Competition: New players, including telcos and digital platforms, are reshaping the competitive landscape.
• Compliance: As volumes grow, so do the risks. Stronger identity frameworks, fraud controls, and regulatory alignment are becoming non-negotiable.

Infrastructure providers will need to strike the right balance between scale, trust, and interoperability to remain relevant in this new era. And if this trend continues? ₦828 trillion may just be the beginning.

Download the Nigeria Payments Report 2025 to explore the full data, case studies, and strategic insights from across the ecosystem.