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#DailyChart: Value and Volume of NIP Transactions
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Volume Of PoS Transactions Falls By 2%
Findings in the electronic payment data from the Nigerian Interbank Settlement System have shown that the volume of Point of Sales (PoS) transactions fell Month-on-Month (MoM) by two per cent to 85.2 million in December 2022 from 86.7 million in November. Also, the value of PoS transactions rose MoM by 8.8 per cent to N826.3…
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Cashless Transactions Hit 41.8% In 11 Months
According to new industry statistics from the Nigeria Inter-Bank Settlement System, cashless transactions in Nigeria have risen by 41.75 per cent. This is an increase to N318.66 trillion in the first 11 months of 2022. The N318.66 trillion amounted to the total amount processed on the Nigeria Instant Payment System and Point of Sales terminals,…
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E-payment Transactions Rise By 52%
Findings from the e-payment data released by the Nigeria Interbank Settlement System showed that the volume of electronic payment transactions in Nigeria rose YoY by 14.8 per cent. This is to 1.06 billion in November 2022 from 922.65 million in the corresponding period of 2021. Also, the value of e-payment transactions rose year-on-year (YoY) by…
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E-payment Rise By 26% In Nine Months
Data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) revealed that the value of electronic payment transactions rose year-on-year by 26 percent to N271.6 trillion in the first nine months of the year (January to September 2022). This is an increase from N215.76 trillion in the first nine months of 2021. On a monthly basis,…
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In Nine Months, Nigerians Spend N2tn On E-bills
According to data from the Nigeria Inter-Bank Settlement System, Nigerians spent N2.18 trillion on electronic bills such as power, PayTV, and other utilities in the first nine months of 2022. This is a 30.84 percent increase from the N1.67 trillion that was spent in the corresponding period of 2021. According to the NIBSS data, this…
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Customers Pay N45.9b As Account Maintenance Fees
Findings from the fees and commission data has shown that customers of leading commercial banks in Nigeria paid N45.9 billion as account maintenance fees in the first half of the year (H1’22). This represents a 26 per cent year-on-year (YoY) rise when compared to N36.29 billion paid in the corresponding period of 2021. The…
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Mobile Transactions Rise By N8.81tn
According to data from the Nigeria Interbank Settlement System, mobile transactions have risen by N8.981 trillion between the first seven months of 2019 and the corresponding period of 2022. The transaction rose from N289.12 billion in 2019 to N9.27 trillion in 2022. This is as the value of cheque transactions fell by 31.42 per cent,…
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Nigerians’ Expenditure On Utility Bills Hits N1.69tn
According to data from the Nigeria Inter-Bank Settlement System, Nigerians have spent N1.69 trillion electronically on utility bills in the first seven months of 2022 The utility bills include payments like power, Pay TV subscriptions, and other everyday utilities in households. This is a 32.06 per cent increase from the N1.28tn that was electronically spent…
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Mobile Transactions Hit N4.86tn In Four Months
According to data from the Nigeria Interbank Settlement System, Nigerians’ use of mobile channels for payment transactions has risen by 3,454.46 percent. This is an increase from N136.85 billion within the first four months of 2019 to N4.86 trillion in the corresponding period of 2022. This growth follows a 13.98 percent increase in the number…