E-payment Transactions In Nigeria Hit N38.9 Trillion In November 2022

The NIBSS Instant Payment platform handled transactions worth N33.2 trillion in August, according to data made public by the Nigerian Inter-Bank Settlement Systems (NIBSS) (NIP). With this, the value of e-payment transactions over the previous eight months has reached N238.7 trillion.

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The NIBSS data also reveals that since the platform’s introduction in August 2012, the number of e-payments in August of that year reached an all-time high.

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 the N22.1 trillion recorded in August last year.

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E-payment Transactions In Nigeria Hit N38.9 Trillion In November 2022

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

ALSO, READ Mobile Transfers By Bank Customers Hit N12.8t In 9 Months : NIBSS

According to NIBSS, the value of the 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 the 405 million recorded in July.

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