Online Transactions Rose to N22.77 Trillion in March

The Nigeria Inter-Bank Settlement System has said the value of transactions carried out online by bank customers jumped to ₦22.77 trillion in March 2021.

This represents a growth of 99 percent from the mobile transaction figures of ₦11.44 trillion recorded in the corresponding period of 2020.

The data includes transactions conducted on the NIBSS Instant Payment (NIP), Point of Sales (PoS) and electronic bills platforms. 

NIP was the most preferred platform in March, accounting for ₦22.02 trillion of the total value of online transactions with instant payments carried out by customers via bank branches, Internet banking, mobile apps, Automated Teller Machines and Unstructured Supplementary Service Data. 

Transactions completed through PoS terminals in the month came to ₦531.38 billion while the value of electronic bill payments for the month was ₦212.92 billion.

NIBSS data showed that the total volume of online payment deals across the platforms was 356.11 million in March 2021.

This is a 89.1 percent increase in the volume of transactions on the three platforms, compared with 188.35 million recorded in the same period in 2020.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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