E-payment transactions hit N111.29trm in 9 months

Whatsapp News

value of transactions via two digital platforms – Nigeria Interbank Settlement System Instant System and Point of Sales terminals – rose N111.29tn January September this year.


two platforms recorded a 44 per cent growth in value of payments when compared an aggregate of N77.49tn in corresponding period in 2019.

A of data obtained Nigeria Interbank Settlement System showed that NIP grossed N105.3tn January September this year while PoS deals were worth N6.4tn during same period.

In the first nine of 2019, NIP transactions amounted to N75.53tn while PoS payments were valued at N2.24tn during the same period.

In January this year, instant money transfers valued at N10.3tn were reported by NIBSS, compared N8.11tn in the same month in 2019.

In the following month, the value of NIP transactions was N9.97tn compared N7.47tn NIP deals recorded in February 2019.

The banks grossed NIP transactions valued at N10.97tn in March 2020 as against N8.58tn in the same month last year.

NIBSS statistics showed that in April this year when Lagos, and , among other states were lockdown, the value of instant transfers dropped to N7.01tn compared with N8.28tn in April 2019.

In May this year, the value of the transfers increased to N10.41tn as against N9.04tn in the same period last year.

The value of NIP deals in June 2020 was valued at N12.26tn compared with N7.87tn recorded in the corresponding period of 2019.

In the following month, instant transfers valued at N14.34tn were recorded as against N8.97tn in July 2019.

August saw the value of NIP transactions peak at N14.65tn as against N8.73tn in the same month last year.

In September, NIP payments were worth N15.4tn as against N8.48tn in 2019.

Analysis of the NIBSS data showed that the value of Point of Sales transactions also grew by 186 per cent to reach N6.4tn January to September 2020 as against a of N2.24tn recorded in the first nine of 2019.