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E-payment transactions rise by 85.52%

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

Nigeria’s electronic payment transactions increased by 85.52 percent year-on-year to N171.99 trillion in August 2021.

This was contained in data released by the Nigeria InterBank Settlement System (NIBSS).

According to the data, e-payment transactions rose to N171.99 trillion in the first 8 months of 2021.

This is a 85.52 percent increase from N92.72 trillion from January to August 2020

The transactions were carried out through Instant Payment (NIP) System and Point of Sales (PoS) terminals.

Read also: E-payments continue to show promise as transactions rise by over 100% in H1, 21

A breakdown shows NIP transactions recorded an 86.79 percent increase Y-o-Y, from 89.90tn in 2020 to 167.93tn in 2021.

PoS transactions witnessed 44.85 percent increase Y-o-Y, from 2.81tn in 2020 to 4.07tn in 2021.

NIBSS had earlier stated this in a report titled ‘Instant Payments-2020 Annual Statistics,’ on the influence of COVID-19 on the growth in e-Payments usage among Nigerians.

According to NIBSS, mobile devices accounted for 43 percent of all transactions in 2020, while USSD accounted for 35 percent, implying that mobile devices accounted for 78 percent of total transfer transactions.

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