Internet Banking Surpasses ATM and PoS as Nigeria’s Transaction Value Hits ₦542.98 Trillion

Story: Written by Peterson November 18,2025

Internet banking has overtaken both ATMs and point-of-sale (PoS) terminals as the leading channel for financial transactions in Nigeria, with total transaction values surging to ₦542.98 trillion.

The growth reflects a major shift in consumer behavior, as more Nigerians embrace digital banking for convenience, speed, and safety. Data from the Central Bank of Nigeria (CBN) and financial reports show that internet banking now accounts for the largest share of transaction volume and value, outpacing traditional channels like ATMs and PoS terminals.

Analysts say the trend underscores the rapid adoption of digital financial services, increased smartphone penetration, and the expansion of internet infrastructure across the country. The rise in internet banking usage is also linked to growing trust in secure online payment systems and the convenience of mobile applications.

Industry experts believe the shift could further boost financial inclusion, reduce cash dependency, and drive innovation in Nigeria’s banking sector.