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Best payment options in Nigeria in five charts

Cashless: Is it a real problem or an avenue for innovation?

Recent data from Nigeria inter-bank settlement scheme (NIBSS) shows the payment options performance indicating their value and volume for seven months on a month-to-month analysis.

Here are numbers that indicate the payment options in Nigeria in value and volume

N204.5 trillion

Value of Nigeria-instant payment transactions billions

N204.5 trillion indicates the highest value of transactions made in Nigeria via Nigeria instant payment (NIP) compared to N145.8 trillion in 2021, a 40 percent increase in the first seven months of 2022.

While its volume of transactions ranked the highest payment option used by Nigeria from 1.9 billion in the first seven months of 2021 to 2.7 billion, a 42 percent increase in the same period of 2022.

N9.4 trillion

Value of mobile transactions billions

N9.4 trillion states the value of transactions made through mobile in the first seven months of 2022, a 161.1 percent increase compared to N3.6 trillion in the same period of 2021,

However, its volume of transactions rose from 300.7 million users from January to June 2022, a 122.4 percent increase compared to 135.2 million users in 2021.

N4.61 trillion

Value of point of sale transactions made in nigeria billions

 

Point of sale (PoS) data in the first seven months of 2022 amounted to N4.61 trillion compared to N3.56 trillion realised in the value of transactions made in 2021.

Similarly, its user base grew to a 25 percent increase from 543 million realised in 2021 to 679 million in the first seven months of 2022.

N1.83 billion

Value of cheques transactions made in nigeria billions

The value of transactions in cheques in the first seven months of 2022 made a 1.61 percent decrease from N1.83 billion to N1.86 billion in the same period of 2021.

The decline in its value also resulted in a decrease in its volume resulting in a 7.7 percent decrease from 2.4 million in 2022 to 2.6 million from January to June of 2021.

N1.02 million

Value of central pay transactions millions

N1.02 million represents a 27.6 percent decrease recorded in the value of transactions made in the first seven months of 2022 via the central pay platform to N1.41 million made in the same period of 2021.

However, its users reduced from 80,216, a 55.3 percent decrease in the first seven months of 2022 to 179,239 in the corresponding period of 2021.