E-payments In Nigeria Hit N204.5 Trillion From (January – July) 2022 – NIBSS

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E-payments In Nigeria Hit N204.5 Trillion From (January – July) 2022 – NIBSS

According to the Nigeria Inter-Bank Settlement Systems (NIBSS), the NIBSS Instant Payment platform enabled transactions totalling N204.5 trillion to be carried out electronically in Nigeria between January and July of this year (NIP). When compared to the N145.8 trillion recorded in the same period last year, this demonstrates a 40% growth in e-payments in the nation.

The rise in electronic transactions indicates that more Nigerians are adopting the Central Bank of Nigeria’s cashless policy (CBN).

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E-payments In Nigeria Hit N204.5 Trillion From (January – July) 2022 – NIBSS

The value of e-payments recorded, according to NIBSS, was a reflection of the rise in the number of transactions throughout the time. The NIP volume increased by 42% over the 1.9 billion registered in the same time previous year, reaching 2.7 billion in the past seven months.

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In 2011, NIBSS created the NIBSS Instant Payments (NIP), an account-number-based, real-time online Inter-Bank payment service. It is the favored cash transfer platform in the Nigerian banking sector since it ensures that the receiver receives value right away.

NIBSS claims that throughout time, Nigerian banks have exposed NIP to their clients through a variety of channels, including online banking, bank branches, kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), point-of-sale (POS), ATMs, etc.).

Monthly analysis

An analysis of the 7 months data just released by NIBSS showed that the NIP platform recorded N26.6 trillion transactions in January. Year on year, this was a 43.7% increase over N18.5 trillion recorded in the same month of last year.
Similarly, in February, deals worth 27.2 trillion were sealed over the electronic platform. Compared with February 2021 when N18.3 trillion was recorded, this represented 48.6% growth.
In March, the platform recorded N31.8 trillion in transactions, a 44.5% increase over the N22 trillion recorded in the same month last year.
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The value of transactions on the NIP platform stood at N29.2 trillion in April this year. This also shows a 41.6% 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% increase compared with N20.7 trillion recorded in the same period last year.
The NIP transactions rose to N31.7 trillion in June 2022, a 37% growth over N23.1 trillion posted same time in 2021.
The data for July also reflected a 31% increase from N22.4 trillion last year to N29.3 trillion this year.

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