E-payments Rise By 6.37% To N24tn In September

 E-payments Rise By 6.37% To N24tn In September

Data released by the Nigeria Inter-Bank Settlement System has said that the value of e-payment transactions in Nigeria rose by 6.37 percent to N24.08 trillion in September 2021.

In August total e-payment transactions was N22.64 trillion.

E-payment transactions are updated on the NIBSS through the Nigeria Instant Payment System and Point of Sales terminals.

The total e-payment transactions rose by 52.35 percent year-on-year in the corresponding period. In September 2020, e-payment transactions were N15.8tn.

Breakdown of payments

For the month of September 2021, NIP transactions were N23.52tn, while PoS transactions were N556.36bn.

Total volume of transactions on NIP and POS terminals rose to 296.15 million and 87.71 million respectively.

NIBSS said that the COVID-19 pandemic changed the e-payments landscape, accelerating the adoption of instant payments because more people switched to electronic channels for funds exchange.

This adoption was driven by mobile as it accounted for 43 per cent of total transactions and 78 per cent of total transfer transactions in 2020.

Kehinde Ogunyale

Freelance Investigative and Data Journalist

Related post