Tags : NIBSS

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 […]Read More

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, […]Read More

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 […]Read More

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 […]Read More

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, […]Read More

Cashless Transactions Rise By 44%  

According to data from the Nigeria Inter-Bank Settlement System, cashless transactions rose by 44 percent year-on-year to hit N117.33tn in the first four months of 2022. From January 2022 to April 2022, N117.33tn was processed through electronic channels, which is N35.79tn more than N81.54tn that was processed in the corresponding period of 2021. Cashless transactions […]Read More

E-payments Rise By 45% In Two Months

According to data from the Nigeria Inter-Bank Settlement System portal, about N54.98 trillion was processed through Nigeria’s electronic channels in the first two months of 2022. This is a 45.49 percent increase from the corresponding period of 2021 when N37.79 trillion was processed through the nation’s electronic channels. The NIBSS tracks payment volumes and value […]Read More

Mobile Transactions Hit N8.07tn In Five years

According to the Nigeria Interbank Settlement System and Nigerian Communications Commission, mobile transactions in Nigeria have jumped by 4,009.58 percent to hit N8.07tn within a five-year period as the number of telecommunication subscribers rises by 34.91 per cent to 195,128,265. Reports on the mobile inter-scheme transaction data tracked on the NIBBS portal revealed that mobile […]Read More

PoS Transactions Hit N13.67tn In Three Years

According to data obtained from the Nigeria Inter-Bank Settlement System Plc portal, the Point of Sale for transactions has risen to N13.67tn in three years. The data showed that the aggregate PoS transactions between January 2019 and November 2021 was N13.67tn. However, the total transactions with cheque within the same period was N10.67tn. In its […]Read More

E-payment Transactions Rise By 49%

The electronic payment data on Nigeria Interbank Settlement System (NIBSS) platform has shown that the value of transactions performed through electronic payment (e-payment) channels rose year-on-year, (YoY) by 48 percent to N28.1 trillion in November 2021 from N18.84 trillion in the corresponding period of 2020. Similarly, the volume of e-payment transactions grew YoY by 41.5 […]Read More