Cashless Policy: N89.5tn spent electronically in July – NIBSS

The Nigeria Inter-Bank Settlement Systems (NIBSS) has disclosed that Nigerians spent a total of N89.50 trillion through electronic channels in July 2024, marking the highest monthly transaction value ever recorded on the NIBSS Instant Payment platform.

This figure represents an 89 per cent year-on-year increase when compared to N47.39 trillion recorded in the same period last year.

According to NIBSS latest figures, the July record has pushed the total value of electronic transactions in Nigeria from January to July 2024 to N566.3 trillion, nearing the N600 trillion recorded for the full year of 2023, with five months still left to account for.

The NIP, launched in 2011 by NIBSS, is an online real-time inter-bank payment platform that enables instant value transfers.

Nigerian banks have since made the NIP platform accessible to customers through various channels such as internet banking, mobile apps, USSD, ATMs, POS, and bank branches.

NIBSS also reported that the volume of NIP transactions in July 2024 surged to 907 million, a 22 per cent increase from the 743 million recorded in July 2023.

In February, the Nigeria Inter-Bank Settlement System said cashless transactions in Nigeria increased to N611.06 trillion in 2023.