E-payment transactions hit N32.8trn September 2022: NIBSS

*The Nigeria Inter-Bank Settlement Systems’ Instant Payment platform has become the financial industry’s preferred funds transfer platform that guarantees instant value to consumers

Isola Moses | ConsumerConnect

Recent increases in electronic transactions have indicated that more Nigerian consumers are embracing the cashless policy of the Central Bank of Nigeria (CBN).

ConsumerConnect reports the data from the Nigeria Inter-Bank Settlement Systems (NIBSS) showed that  consumers performed electronic transactions worth N32.8 trillion September 2022 through the NIBSS Instant Payment platform (NIP).

The total value of e-payment deals in the ecosystem in the last nine months of this year amounted to N271.5trillion.

The National Bureau of Statistics (NBS) recent data also indicated that year-on-year, the e-payment value rose by 39.5 percent in comparison with the N23.5 trillion recorded in September 2021.

According to the figures, however, September 2022 figure declined by 1.2 percent vis-a-vis the value of electronic payment transactions, totalling N33.2trillion recorded August this year.

The value of the e-payment recorded was a reflection of the increase in the volume of deals within the month, said the NBS.

The NIP volume rose to 438 million in September, showing a 48% increase over 296 million recorded in the same period last year.

As regards monthly analyses, eight months of data the NIBSS released indicated that the NIP platform recorded N26.6 trillion transactions in January 2022.

Year on year, this was a 43.7% increase over N18.5 trillion recorded in the same month of last year.

In February of the year, deals worth N27.2 trillion were transacted on the electronic platform. Compared with February 2021 when N18.3 trillion was recorded, this represented 48.6 percent growth.

Whereas 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 April this year.

This also shows a 41.6 percent increase over the N20.6 trillion recorded in April 2021.

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

The NIP transactions also 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 2022.

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

The NIBSS Instant Payments (NIP) is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS.

It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.

Through NIBSS, Nigerian banks have exposed NIP through their various channels, including Internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS and ATMs to consumers of financial products and services.

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