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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,…
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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…
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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…
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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…
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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…
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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…
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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…
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Electronic Payments Surge To N126.39tn
In six months, Nigeria’s electronic payment transactions rose to N126.39 trillion via the two digital payment platforms. These platforms are the Nigeria Interbank Settlement System Instant Payment System and Point of Sales terminals. The two digital payment platforms driving electronic payments are the NIBSS Instant Payment System and Point of Sales terminals. According to the…