May 6, 2021
  • May 6, 2021

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Nigeria's e-payment transactions rise 99% to N23 trln in March ~NIBSS

The value of online transactions by bank customers in March stood at N22.77 trillion, up 99.04 percent from the February level.

According to the latest data from the Nigeria Inter-Bank Settlement System (NIBSS), the value of transactions rose from N11.44 trillion in February.

NIBSS said the transactions were done by bank customers on its Instant Payment, Point of Sales and electronic bills platforms.

NIP, the system said was the most preferred platform in March, accounting for N22.02 trillion of the total online transactions’ value.

The instant payments were carried out by customers via bank branches, Internet banking, mobile apps, Automated Teller Machines and Unstructured Supplementary Service Data.

Transactions completed through PoS terminals in the month amounted to N531.38 billion.

The value of electronic bill payments for the month was N212.92 billion in the month under review.

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Some of the bills paid by bank customers online were electricity bills, cable TV subscriptions, Internet services subscriptions and utility bills.

The NIBSS data showed that a total volume of online payment deals across the platforms was 356.11 million in March this year.

This represents an 89.1 percent increase in the volume of transactions on the three platforms, compared with 188.35 million recorded in 2021.

Further analysis showed that the value of PoS transactions grew by 44.06 percent from N368.86 billion in March 2020 to N531.38 billion in March this year.

The volume of the PoS deals also increased by 55 percent to 80.95 million in March compared with 52.25 million transactions recorded in the corresponding period in 2020.

The report showed that in March alone, 783,136 new PoS devices were registered with over 510,773 deployed across the country.

NIP deals rose by 100.7 percent in terms of the value of transaction when compared to the same period in 2020, when NIP deals amounted to N10.97 trillion.

Analysts said the figure showed that despite the lifting of lockdown imposed by the government to contain the spread of Covid-19. more people are joining the e-payment channels to transaction business.