E-payment transactions in Nigeria records 50% growth to hit N32.8trn September, 2022 -NIBSS
Data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that transactions worth N32.8 trillion were performed electronically in September through the NIBSS Instant Payment platform (NIP).
This brings the total value of e-payment deals in the last 9 months to N271.5 trillion
Year on year, the e-payment value increased by 39.5 per cent compared with the N23.5 trillion recorded in September last year.
The September 2022 figure was, however, a 1.2 per cent decline compared with the value of electronic payment transactions recorded in the country in August, which stood at N33.2 trillion.
Reacting to the development, the Central Bank of Nigeria (CBN) said the surge in electronic transactions shows that more Nigerians are embracing the cashless policy of the CBN.
According to NIBSS, the value of the e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 438 million in September, showing a 48 per cent increase over 296 million recorded in the same period last year.
An analysis of the 8 months of data just released by NIBSS showed that the NIP platform recorded N26.6 trillion transactions in January. Year on year, this was a 43.7 per cent increase over N18.5 trillion recorded in the same month of last year.
In February, deals worth N27.2 trillion were said to have been sealed over the electronic platform as against N18.3 trillion recorded in February 2021, representing 48.6 per cent growth.
In March, N31.8 trillion transactions were recorded in the platform, representing an increase of 44.5 per cent over the N22 trillion recorded in the same month last year.
The value of transactions on the NIP platform stood at N29.2 trillion in April this year which a 41.6 per cent increase over the N20.6 trillion recorded in April 2021
In May, the value of e-payment transactions stood at N29.6 trillion, a 43 per cent increase compared with N20.7 trillion recorded in the same period last year.
The NIP transactions rose to N31.7 trillion in June 2022, a 37 per cent growth over N23.1 trillion posted same time in 2021.
The July data show that a 31 per cent increase was recorded from N22.4 trillion last year to N29.3 trillion this year. And for August, the value of e-payments in Nigeria increased by 50 per cent to N33.2 trillion compared to N22.1 trillion recorded in the same period last year.
The NIBSS Instant Payments (NIP) is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS. It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.
NIBSS explains that over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATMs, etc. to their customers.
