E-payment transactions hit all-time high in August – NIBSS

Latest statistics released by the Nigeria Inter-Bank Settlement Systems (NIBSS) shows e-payment transactions in the country hit an all-time high in August with N33.2 trillion transactions, bringing the total value of e-payment deals in the last 8 months to N238.7 trillion.

Compared to the N29.3 trillion recorded in July, this shows a 13.3% growth. Year on year, the e-payment value increased by 50% compared to N22.1 trillion recorded in August last year.

The surge in electronic transactions shows that more Nigerians are embracing the cashless policy of the Central Bank of Nigeria (CBN).

According to NIBSS, the value of e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 448 million in August, showing a 10.6% increase over 405 million recorded in July.

An analysis of the 8 months data just released by NIBSS showed that the NIP platform recorded N26.6 billion transactions in January. Year on year, this was a 43.7 per cent increase over N18.5 trillion recorded in the same month of last year.

Similarly, in February, deals worth N27.2 trillion were sealed over the electronic platform. Compared with February 2021 when N18.3 trillion was recorded, this represented 48.6 per cent growth.

In March, the platform recorded 31.8 trillion transactions, a 44.5 per cent increase over the N22 trillion recorded in the same month last year.

The value of transactions on the NIP platform stood at N29.2 trillion in April this year. This also shows a 41.6 per cent increase over the N20.6 trillion recorded in April 2021.

In May, the value of e-payment transactions stood at N29.6 trillion, a 43 per cent increase compared with N20.7 trillion recorded in the same period last year.