Electronic Payment Hits N247.43tn In 11 Months

Electronic payment in Nigeria have hit N247.43tn in 11 months.

Data from the Nigeria Inter-Bank Settlement System (NIBSS) has revealed this.

According to the data, the electronic payments are those from transactions through the Nigeria Instant Payment System and Point of Sales terminals.

The transactions are monitored on the NIBSS

The data says that the total volume of NIP transactions in Nigeria from January to November was 3.08 billion.

This amounted to N241.69tn. Also, the total volume of PoS transactions from January to November was 883.29 million.

This amounted to N5.73tn.

A total of 228.76 million NIP transactions, valued at N18.50tn, was carried out in January and 230.256 million transactions.

While transactions rose to 275.04 million and amounting and worth N18.33tn in February, it rose to N22.02tn In March.

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Also, transactions worth 265.12 million valued at N20.69tn were carried out in April.

The total number of transactions rose to 279.42 million valued at N20.72tn in May.

Also, 287.02 million transactions worth N23.12tn took place in June and 294.34 million valued at N22.42tn occurred in July.

Similarly, a total of 293.99 million transactions, amounting to N22.13tn, were recorded in August.

Also, 296.15 million transactions worth N23.52tn occurred in September while 311.35 million valued at N24.31tn happened in October.

For November, 319.93 million transactions worth N25.94tn took place.

Cumulatively,  70.88 million PoS transactions worth N489.24bn occurred in January.

For February, 71.63 million transactions worth N468.91bn occurred.

Also, 80.95 million transactions N531.38bn took place in March while 77.61 million transactions worth N507.86bn occurred in April.

Also the total number of PoS transactions rose to 79.08 million (N503.96bn) in May.

Similarly,  81.97 million worth N503.91bn took place in June but fell to 81.62 million or N554.67bn in July.

In august,  75.55 million worth N504.88bn took place in August.

The PoS transactions rose to 87.71 million (N556.36bn) in September and 91.39 million (N552.26bn) in October.

However, it fell to 84.92 million (N560.27bn) in November.

The International Monetary Fund said COVID-19 pandemic pushed more people to explore Internet banking and other digital transactions.

The IMF said the value of mobile money transactions in Nigeria increased to 9.72 per cent of the Gross Domestic Product in 2020.