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Nigeria records N272trn e-transaction in 9 months

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The Nigeria Inter-Bank Settlement System has revealed that Nigerians’ total value of electronic transactions in nine months (January to September) of 2022 stood at N272 trillion.

This is a 42 per cent increase compared to the N216 trillion value of transactions recorded in the same period of 2021.

NIBSS disclosed this in its latest data published on its website and obtained by Ripples Nigeria on Friday.

READ ALSO:NIBSS to launch ‘touch-free’ payment solution in Nigeria

Other payment channels, captured in the report showed that transactions processed through the mobile (inter-scheme) channel increased by 153 per cent to N12.9 trillion from N5.1 trillion in the same period last year.

NIBSS data also showed that the value of Point-of-Sale transactions processed through PoS channels grew 31 per cent to N6.1 trillion in the nine months ended September 30, 2022 from N4.6 trillion in the same period of 2021.

For e-bills pay channel, primarily used for recurring bill payments, it grew by 37 percent to N2.2 trillion from N1.6 trillion in the same period of 2021.

The report also showed that cheques were becoming less popular as a form of payment.

The total value of payments made via cheques in the nine-month period to September 2022 was N2.4 trillion, a 4.3 per cent increase from the N2.3 trillion recorded a year earlier.

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