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Online transactions grow by 34% to N11.44tn in March



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

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.

Read also: Finance minister, Ahmed, explains reasons Nigeria was excluded from IMF debt relief

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.

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