E-payments Rise By 45%, N55tn Transferred In Two Months

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According to data from the Nigeria Inter-Bank Settlement System portal, about N54.98tn was processed through Nigeria’s electronic channels in the first 2months of 2022.

This is a 45.49% increase from the corresponding period of 2021 when N37.79tn was processed through the nation’s electronic channels. The NIBSS tracks payment volumes and value through the Nigeria Instant Payment System and Point of Sales terminals.

In the first 2months of 2022, N53.83tn was transferred through the NIP system while N1.15tn was processed through PoS terminals.

In the corresponding period of 2021, N36.83tn was processed through the NIP system, while N958.19bn was processed through PoS terminals.

According to the data on the NIBSS portal, individuals used electronic channels 86.57% more in the first 2months of 2022 than they did in the corresponding period of 2021.

According to the NIBSS, electronic payment adoption has been on a rise since the wake of the COVID-19 pandemic.

It added that Nigeria and other countries in the Sub-Saharan region contributed N697.7bn to total mobile money value in 2021.

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