Nigeria’s e-Payment Transactions Value Stood At N32.8 Trillion In September 2022

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.