E-payment in Nigeria falls by N1.9trn in February

Despite current cash scarcity, Nigeria’s electronic payment system notably declined in February 2023.

Data obtained from the Nigeria Inter-Bank Settlement System showed that Nigerians exchange N37.67 trillion via various electronic channels, which include Point of Sales, Automatic Teller Machine and Mobile transfer.

The cashless transaction in February is a 4.83 percent fall when compared to N39.58tn that was recorded in January.

However, there was a significant number of transactions in February despite the drop in value.

Read also:CBN directs banks to dispense, receive old naira notes

NIBSS data showed that e-payment gateways were used 901.46 million times, a 41.29 percent increase from the 638 million times used in January.

The data also revealed continued patronage of PoS terminals as the value of PoS transactions grew from N807.16bn in January to N883.45bn in February.

Since the Central Bank of Nigeria (CBN) announced its naira redesign policy and withdrawal limits in 2022, Nigerians have had to adopt electronic forms of transactions.

However, the drive towards a cashless economy has left bank customers with greater concerns, ranging from failed transactions to network issues.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now