NIBSS: E-payment transactions surge to N89.5trn

At the backdrop of sustained increases in the adoption of electronic payment system the Nigeria Inter-Bank Settlement System (NIBSS) has said that instant payments increased to N89.50 trillion in July 2024.

According to data obtained from NIBSS, the figure represents a 12.45 percent or N9.91 trillion increase, compared to the N79.5 trillion recorded in June and an 89 percent year-on-year increase compared to the N47.38 trillion recorded in July 2023.

Instant payment is an account-based, real-time electronic funds transfer (EFT) platform.

It enables financial institutions to provide online real-time funds transfer services to customers through all available electronic channels.

The instant payments recorded in July brought the value of the total electronic transactions in the first half of 2024 to N566.39 trillion.

In 2023, Nigeria recorded N600 trillion in electronic transactions.

Furthermore, the data showed that the value of cashless transactions surged to N238.61 trillion in the month under review, representing a significant increase of 4.6 percent or N10.49 trillion, compared to the N228.11 trillion recorded in June.

The data also showed 27.56 billion transactions were done through the use of electronic payment channels in July.

According to NIBSS, during the review period, the volume of transactions on the point of sale (PoS) channel was 97.8 billion, with a transaction value of N1 trillion.

NIBSS said mobile money operators (MMOs) such as Opay, Palmpay, Moniepoint, and Kuda, recorded N6.23 trillion transaction value in July.