Digital payment in Nigeria projected to reach $14.25bn in 2023

By Oghale Mafuru

Payment transactions through digital platforms have been projected to reach $14.25bn this year, with an annual growth rate of 13.69% resulting in a projected total amount of US$23.81bn by 2027.

According to Statista, a marketing insight and research platform, the market’s largest segment is digital commerce with a projected total transaction value of US$12.36bn in 2023.

Duplo, a B2B payment platform, revealed that the market for B2B payments was estimated to be worth approximately $903.50 billion in 2021 and is anticipated to reach $1,618.15 trillion by 2028 with a CAGR of 10.20%. It added that B2B Cross-Border Payment transactions are also projected to exceed $42 trillion In 2026.

In 2022, the cloud-based accounts payable software market was valued at USD 2727.89 million and it is projected that the market will grow at a CAGR of 7.8%, reaching USD 4280.94 million by 2028.

The open banking market reached USD 15.21 billion in 2022 and is set to hit USD 131.3 billion by 2028, growing at a CAGR of 24.6% during the forecast period (2022 to 2028).

It is estimated that by 2027, the number of users of BNPL (Buy Now Pay Later) is expected to reach 900 million – a 157% increase from 360 million in 2022.

As of 2021, the digital payment market was valued at US$ 89,045.67 million; by 2028, it is expected to grow to US$ 243,426.71 million.    In the same vein, Real-Time Payments Market is to Rise at an Impressive CAGR of 32% to Reach $86.89Bn by 2028.

The payment company added that Fintech is expected to invest $22.60 billion in AI globally by 2025, growing 23.37% annually.

Meanwhile, a new study from Juniper Research, a market intelligence company in the UK, has found that the global transaction value of the B2B payments market will exceed $111 trillion in 2027, from just over $88 trillion in 2022.

According to its predictions, this growth of 26% will be driven by rising prices caused by rampant inflation, as well as by strong economic growth in developing markets. The report identified the increased automation of accounts payable and receivable as being critical to the growing efficiency of payments processing; creating a significant opportunity for B2B payment vendors.

A B2B payment is any payment made between businesses for goods or services, regardless of whether it is domestic or international, or via different payment methods.


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