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Nigerians made 2.5m instant payment transactions on Valentine’s Day

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Nigerians made 2.5m instant payment transactions on Valentine's Day

Live update Data from the Nigeria Interbank Settlement System (NIBSS) Instant Pay, has revealed that bank customers carried out about 2.5 million instant pay transactions as at 7.20 pm on Valentine’s Day, Thursday, 14th of February.

Specifically, online payment via NIP hit 2,500,177 transactions as of 7.20 on Valentine’s Day.

Analyses of the live electronic payment data indicated that a low failure rate of 0.62 per cent was recorded on the platform, with customers experiencing a total of 15,588 failed transactions.

The data also showed that funds transfer formed the bulk of the volume of the NIP transactions.

Also, the data revealed that Point of Sales, PoS transactions carried out by merchants and retailers in the country were 878,336 as of 7.20 pm on the same day.

The data also indicated that transactions on PoS had a high failure rate of 13.85 per cent as the volume of failed transactions on the terminals stood at 121,635 at 7.20 pm of the same day.

Read also: NECA calls for govt intervention to prevent closure of businesses

NIP recorded the highest volume of transactions – 38,211 – at 4.30pm, while electronic payment on PoS peaked also at 4.30pm, recording a volume of 16,715.

Data on the e-payment platform efficiency showed the destination bank for electronic payment contributed the most to failed NIP transactions between January 18 to February 8, 2019.

Within the 21 days under review, the data indicated that the NIBSS platform had not in any way contributed to the failed NIP transactions while the contribution of the customer to failed transactions was minimal.

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