Nigeria’s e-payment transactions hit N56.85tn

The Nigerian Interbank Settlement System, NIBSS, reported that Nigeria’s electronic payment (e-payment) services recorded transactions worth N56.85tn from January to September 2018. The report obtained yesterday by News Agency of Nigeria showed an increase of N16.4tn compared to N40.45tn naira recorded during the corresponding period of 2017.

The report shows that most electronic transactions were done via NIBSS instant payment, NIP, PoS outlets, ATMs, mobile money, electronic bill payment and Web payments.

A breakdown of the report indicated an increase of about N635bn in PoS device usage to make payments by Nigerians.

Under the review period, 98.73 million transactions worth N975bn were made through PoS in 2017, while in 2018, the volume reached 196.83 million, valued at 1.61tn.

The report also showed that ATMs transactions grew from N4.61 trillion in 2017 to N4.76 trillion at the end of the third quarter of 2018. Also, the volume of transactions on ATMs under the period in review grew from 560.86 million in 2017, to 650.06 million in 2018.

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Similarly, the volume of transactions carried out by Nigerians, using mobile money rose from N795.18 billion in 2017, to N1.22 trillion as of September 2018.

Also, using the web payment channel, the total value of transactions under the review period rose from N129.24 billion in 2017, to N183.07 billion in 2018.

However, the value of such transactions on Electronic bill payments, which allowed customers to pay utility bills such as power, cable and so on online, declined from N420.73 billion in 2017 to N370 billion in 2018.