E-payment Transactions Hit N162.95 Trillion In 2020

The value of transactions via digital payment platforms rose to N162.95 trillion from January to December in 2020 when compared to an aggregate of N108.42 trillion in the corresponding period in 2019. The two platforms; Nigeria Interbank Settlement System Instant Payment System and Point of Sales terminals, recorded a 50.3 per cent growth in value of payments.

Data obtained from Nigeria Interbank Settlement System showed that NIP grossed N158.22 trillion from January to December 2020 while PoS deals were worth N4.73 trillion during the same period. The instant payments were carried out by bank customers via bank branches, Internet banking, mobile apps, Automated Teller Machines and Unstructured Supplementary Service Data.

In the year 2019, NIP transactions amounted to N105.22 trillion while PoS payments totalled N3.2 trillion during the same period. Meanwhile, analysis of the NIBSS data showed that the value of Point of Sales transactions also grew by 47.81 per cent to reach N4.73 trillion in 2020 as against a total of N3.2 trillion recorded in 2019.

The value of NIP increased by 50.37 per cent to reach N158.22 trillion in 2020 as against a total of N105.22 trillion recorded in the corresponding period in 2019.

In December 2020, customers carried out a total of N20.35 trillion worth of financial transactions on the instant payment platform, an 89.48 percent while the PoS payments valued at N574.37 billion were conducted within the same period, representing a 54.11 per cent growth.