E-payment transactions in Nigeria hit N56.85trn in 9 months

The Nigerian Interbank Settlement System (NIBSS) has said that Nigeria’s electronic payment (e-payment) services recorded transactions worth N56.85 trillion from January to September 2018.

This is contained in a report the NIBSS released recently.

The report showed an increase of N16.4 trillion when compared to the N40.45 trillion that was recorded in the corresponding period of 2017.

The report also showed that most of the electronic transactions were done through the NIBSS Instant Payment (NIP), Point of Sale (PoS), Automated Transfer Machines (ATMs), Mobile Money, Electronic Bills Payment (E-Bills) and Web payments.

Breaking down the transactions, the report showed that ATMs transactions grew from N4.61 trillion in 2017 to N4.76 trillion at the end of the third quarter of 2018.

Also, the volume of transactions on ATMs under the period in review grew from 560.86 million in 2017 to 650.06 million in 2018.

The report also showed that the use of PoS as a means of payment by Nigerians grew by about N635 billion.

Under the reviewed period, 98.73 million transactions worth N975 billion were carried out using PoS in 2017, while in 2018, the volume grew to 196.83 million, valued at N1.61 trillion.

Read also: E-business: Why full adoption of e-payment tools fails

The volume of transactions carried out by Nigerians, using mobile money also rose from N795.18 billion in 2017 to N1.22 trillion as at September 2018.

Also, using the web payment channel, the total value of transactions under the reviewed period rose from N129.24 billion in 2017 to N183.07 billion in 2018.

The value of transactions on e-bill payments, which allowed customers to pay utility bills such as power, cable and so on online, however declined from N420.73 billion in 2017 to N370 billion in 2018.

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