E-payment transactions in Nigeria hit N32.8 trillion in September 2022

Data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) has shown that transactions worth N32.8 trillion were performed electronically in September through the NIBSS Instant Payment platform (NIP).

According to the industry data, the total value of transactions worth N271.56 trillion was performed electronically in nine months of 2022, a 26 percent increase compared to N215.76 trillion reported in nine months of 2021.

there was a decline of 1.2 percent in September 2022 compared with the value of electronic payment transactions recorded in August, which stood at N33.2 trillion.

Experts analysed the decline as worsening macroeconomic conditions which eroded the quantum of financial transactions by businesses and households. and also glitches witnessed by some banks in September, stating that the surge in the exit of IT staff, caused a lot of glitches in the banking sector that affected the activities of customers.

The industry data showed that the value of the e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 438 million in September, showing a 48 percent increase over 296 million recorded in the same period last year.

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A monthly analysis of the eight months’ data released by NIBSS showed that the NIP platform recorded N26.6 trillion transactions in January. Year on year, this was a 43.7 percent increase over N18.5 trillion recorded in the same month of last year.

Similarly, in February, deals worth N27.2 trillion were completed on the platform. Compared with February 2021 when N18.3 trillion was recorded, this represented 48.6 percent growth.

In March, the platform recorded N31.8 trillion in transactions, a 44.5 percent increase over the N22 trillion recorded in the same month last year.

The value of transactions on the NIP platform stood at N29.2 trillion in April this year. This also shows a 41.6 percent increase over the N20.6 trillion recorded in April 2021.

In May, the value of e-payment transactions stood at N29.6 trillion, a 43 percent increase compared with N20.7 trillion recorded in the same period last year.

The NIP transactions rose to N31.7 trillion in June 2022, a 37 percent growth over N23.1 trillion posted same time in 2021.

The data for July also reflected a 31 percent increase from N22.4 trillion last year to N29.3 trillion this year.

For August, the value of e-payments in Nigeria increased by 50 percent to N33.2 trillion compared to N22.1 trillion recorded in the same period last year.

Lilian Phido, Head of Corporate Communications, NIBSS said “It is very clear that more and more people are accepting the channels of payment that are available and the platforms are stable. With stability, these components have grown.”