The value of transactions executed online by bank customers rose to N11.44 trillion in March 2020, the latest statistics from the Nigeria Inter-Bank Settlement System (NIBSS) have revealed.
The March figure expanded by 34% when compared with the one posted in the corresponding period of 2019, which was N8.54 trillion.
Customers conducted the transactions using payment channels such as the NIBSS Instant Payment (NIP), Point of Sales (POS) terminal and e-Bills.
NIP was the most preferred platform in March 2020, accounting for N10.97 trillion of the total sum with customers using bank branches, mobile apps, internet banking, Automated Teller Machines and Unstructured Supplementary Service Data to carry out such transactions.
Transactions completed through POS terminals in the month came to N368.86 billion.
The value of electronic bill payments for the month was N107.06 billion.
Total transaction volume of 187.63 million was posted across the platforms in March 2020 relative to the 117.84 million reported in March last year, translating to a 59% increase.
The POS transactions value for the month increased by 70% from N217.46 billion in March 2019 to N368.86 billion in March 2020.
The number of POS deals grew by 75% from 29.82 million to 52.25 million in between the periods.
NIP deals grew by 28% in value in March this year relative to March 2019 when deals worth N8.58 trillion were recorded.
NIP deals volume leapt by 54% to 135.3 million, up from 87.94 million.
The value of electronic bills improved by 128% from N46.93 billion to N107.06 billion.
NIP transactions estimated at N10.3 trillion were performed in 111.35 million deals in January while NIP deals valued at N9.97 trillion with a transaction volume of 120.26 million were conducted in February.
41.31 million POS transactions worth N313.43 billion were executed in January while 46.07 million deals valued at N326.03 billion were completed in February.
Similarly, electronic bills transactions worth N78.38 billion and N92.76 billion were carried out in January and February respectively.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
In Niger, communities suffer as multi-billion naira Auna Dam project remains uncompleted despite 38 years of investments
In Niger State, the over 20 communities around Auna River have had their hopes for fresh water, electricity supply and...
INVESTIGATION: Years after, 15km Eleme-Onne end of East-West Road remains death-trap despite billions released
In this report, ARINZE CHIJIOKE chronicles the sufferings of road users on the 15km Eleme-Onne end of the East-West Road...
Gaza attacks intensify as 12 Thais, 10 Nepalese killed in Israel
The current violence in Israel has claimed the lives of at least 12 Thai people and 10 Nepalese individuals. Eight...
INVESTIGATION: Poorly executed classroom projects force children out of school in Niger State
Once a vibrant hub of learning for pupils, Kodo Primary School now resonates a stark contrast to its former days...
SPECIAL REPORT: Shell’s inaccurate data raises questions around efforts to control methane emissions in Nigeria
Much worse for the environment than carbon dioxide, despite global efforts to control methane, emissions continue soaring. With over a...