ePayments transactions in Nigeria hit all-time high

The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that N33.2 trillion in transactions were completed electronically in August via the NIBSS Instant Payment.

This brings the total value of electronic payment transactions in the last eight months to N238.7 trillion.

According to the NIBSS data, the August 2022 record was an all-time high e-payments value recorded in a month since the platform’s deployment.

This represents a 13.3% increase over the N29.3 trillion recorded in July. The value of e-payments increased by 50% year on year, from N22.1 trillion in August of last year.

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

According to NIBSS, the value of e-payment recorded reflected an increase in the volume of transactions during the month. The number of NIPs issued increased by 10.6% in August to 448 million, up from 405 million in July.

According to an analysis of the 8-month data released by NIBSS, the NIP platform recorded N26.6 billion in transactions in January, while in February, deals worth N27.2 trillion were sealed over the electronic platform.

Read also: E-payment transactions rise by 85.52%

In March, the platform recorded 31.8 trillion transactions, in April it stood at N29.2 trillion.

For May, June, and July the value of e-payment transactions stood at N29.6 trillion, N31.7 trillion in June 2022, and N29.3 trillion respectively

August is the highest for the month, as Nigerians transacted N33.2 trillion via electronic channels.

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