Nigerians’ Spending On Utility Bills Soars By 387%

The amount Nigerians spent on electronic bills grew by 387.19 per cent from N189.50bn in the first four months of 2019 to N923.24bn in the corresponding period of 2022.

This indicates an increase in the use of e-channels by Nigerians on bills such as power and other utilities.

According to the Nigeria Inter-Bank Settlement System, e-bills payment includes everyday bill payments and is an accessible and seamless account-based e-bill payment channel, with online real-time transaction reporting, biller notification, and easy reconciliation.

It said, “e-BillsPay is an electronic bill payment platform that facilitates the payment of Bills, Fees, Levies, Premiums, and Subscriptions etc. by the banking public through electronic payment channels provided and managed by Banks.”

Data from the NIBSS revealed a surge in the usage of e-bills pay after the onset of the pandemic.

In the first four months of 2019, N189.50bn was paid through e-BillPay channels; in the first four months of 2020, N363.87bn was paid through these channels.

The data shows sustained growth in the channel of payment as N716.99bn was paid between January and April of 2021, while N923.24bn was paid in the corresponding period of 2022.

According to the NIBSS, e-Bills Pay touch points include bank branches, Internet banking, mobile banking, USSD, and agent networks.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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