In the month of September, transactions worth N32.8 trillion were performed electronically through the NIBSS Instant Payment platform (NIP), according to data released by the Nigeria Inter-Bank Settlement Systems (NIBSS).
The value of e-payment transactions from January to September this year, therefore, runs into a total of N271.5 trillion. Compared to the N23.5 trillion recorded in September last year, the e-payment transactions value grew by 39.5 percent but declined 1.2 percent from the N33.2 trillion recorded last month.
The continuous increase in electronic transaction volumes and value proves that more Nigerians are opening their arms to the cashless policy of the country’s apex bank; the Central Bank of Nigeria (CBN).
The value of the e-payment transactions recorded is a reflection of the increase in the volume of deals within the month, the NIBSS said. The NIBSS also added that the NIP volume went up to 438 million in September, a 48 percent increase from the 296 million recorded in September 2021.
In January, the NIP platform recorded N26.6 trillion worth of transactions, a 43.7 percent increase from the N18.5 trillion worth of transactions recorded in January 2021. In February, the NIP platform recorded N27.2 trillion worth of transactions, a 48.6 percent increase from the N18.3 trillion worth of transactions recorded in January 2021. Deals worth N31.8 trillion were recorded in March, a 44.5 percent increase from the N22 trillion worth of transactions recorded in the same period last year. In April, the NIP platform recorded N29.2 trillion worth of transactions, a 41.6 percent increase from the N18.3 trillion worth of transactions recorded in April 2021. Deals worth N29.6 trillion were recorded in May, a 43 percent increase from the N20.7 trillion worth of transactions recorded in the same period last year. Deals worth N31.7 trillion were recorded in June, a 37 percent increase from the N23.1 trillion worth of transactions recorded in the same period last year. In July, the NIP platform recorded N29.3 trillion worth of transactions, a 31 percent increase from the N22.4 trillion worth of transactions recorded in January 2021. In August, the NIP platform recorded N33.2 trillion worth of transactions, a 50 percent increase from the N22.1 trillion worth of transactions recorded in January 2021.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
