Nigeria Records E-payment Transactions Worth ₦204.5 Trillion Between January And July 2022

According to the Nigeria Inter-Bank Settlement Systems (NIBSS) between January and July this year, transactions worth ₦204.5 trillion have been performed using electronic channels via the NIBSS’ Instant Payment (NIP) platform. Compared to the same period in 2021 which had e-payment transactions worth ₦145.8 trillion, there is a 40 percent increase in e-payment transactions in Nigeria this year. This means more and more Nigerians are opting for e-payments methods and are gradually embracing the cashless policy of the country’s apex bank- the Central Bank of Nigeria (CBN).

Developed in 2011, the Nigeria Inter-Bank Settlement Systems (NIBSS) is an account-number-based, online-real-time interbank payment solution and is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.

The value of e-payment transactions recorded between January and July mirrors an increase in the volume of transactions in the country, the NIBSS said. In the space of seven months, the NIP volume increased to 2.7 billion, or 42 percent from the 1.9 billion recorded in the same period last year.

In January 2021, the NIP platform recorded ₦18.5 trillion. In January this year, the NIP platform reported ₦26.6 trillion worth of transactions representing an increase of 43.7 percent year-on-year. February saw a 48.6 percent growth year-on-year from the previous year. The NIP platform recorded ₦18.3 trillion in 2021 and ₦27.2 trillion in 2022. The NIP platform recorded a 44.5 percent increase to ₦31.8 trillion from ₦22 trillion recorded in March of 2021. April of 2022 saw transactions worth ₦29.2 trillion, a 41.6 percent from the ₦20.6 trillion recorded in the same period in 2021. May, June, and July saw growth of 43 percent, 37 percent, and 31 percent from ₦20.7 trillion to ₦29.6 trillion, ₦23.1 trillion to ₦31.7 trillion, and ₦22.4 trillion to ₦29.3 trillion for May, June, and July.