Naira cash crises push E-payment transactions to N135tn in 3mths

The Nigeria Interbank Settlement System (NIBSS) has revealed that the value of e-payment transactions rose to N135.52 trillion in the first quarter of 2023.

This represents a 298% increase year-on-year (YoY) compared to N34.04 trillion in the same period last year.

The increase in electronic transactions can be attributed to the cash shortage that persisted for more than two months, a direct consequence of the Central Bank of Nigeria‘s (CBN) Naira Redesign policy implementation.

The NIBSS data further revealed that the volume of e-payment transactions surged by 984% to 4.7 billion in Q1’23 from 433.4 million in Q1’22.

READ ALSO:Nigerian govt urges citizens to opt for e-payment when applying for passport

A breakdown shows that The NIBSS Instant Payment (NIP) channel had the highest value of transactions with N123.72 trillion and the largest volume of transactions with 2.5 billion during the period.

The value of e-payment transactions stood at N42.42 trillion in January, but it decreased by 4.3% month-on-month to N40.6 trillion in February before rising by 34% to N54.5 trillion in March.

Similarly, the volume of e-payment transactions increased by 29% to 1.12 billion in January, and rose by 46% to 2.13 billion in March.

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