September 23, 2023

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Electronic Transactions Spike by 50% in August, Records All Time High


CEM REPORT | Transactions worth N33.2 trillion were performed electronically in August through the NIBSS Instant Payment platform (NIP) according to the Nigeria Inter-Bank Settlement Systems (NIBSS).

Data from the NIBSS reveals that the recorded figure is an all-time high e-payments value recorded in a month since the deployment of the platform.

This indicates that more Nigerians are embracing the cashless policy of the Central Bank of Nigeria (CBN).

According to NIBSS, the value of e-payment recorded was a reflection of the increase in the volume of deals within the month. The NIP volume rose to 448 million in August, showing a 10.6% increase over 405 million recorded in July.

Further breakdown of the released data reveals that the recorded figure in August 2022 is a 50% increase compared to N22.1 trillion recorded in August last year. However when compared to the previous month – July it is a 13.3% growth (N29.3 trillion).

A monthly analysis of the data reveals that the NIP platform recorded N26.6 billion transactions in January, a 43.7% increase year on year, from N18.5 trillion recorded in the same month of last year.

Similarly, in February, deals worth N27.2 trillion were transacted over the electronic platform. Year on year, this is a 48.6% growth when compared to  N18.3 trillion recorded in February 2021.

In March, the platform recorded 31.8 trillion transactions, a 44.5% increase over the N22 trillion recorded in the same month last year.

April had a 41.6% increase from N20.6 trillion recorded in the previous year to N29.2 trillion in the same month of 2022.

In May, the value of e-payment transactions stood at N29.6 trillion, a 43% 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% growth over N23.1 trillion posted same time in 2021.

The data for July also reflected a 31% 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% 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.

According to NIBSS, over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATM, etc. to their customers.

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