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E-payments Hit N114.8trn Between January, April 2022 – NIBBS

E-payments
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May 25, (THEWILL) – Transactions worth N114.8 trillion were performed electronically in Nigeria between January and April this year. The Nigeria Inter-Bank Settlement Systems (NIBSS).

The deals were consummated through the NIBSS Instant Payment platform (NIP).

This shows a 44 percent increase in e-payments in the country when compared with N79.5 trillion recorded in the same period last year.

The increase in the e-payment transactions value for the four months was a reflection of the surge in the volume of deals within the period.

According to the NIBSS data, the NIP volume rose to 1.4 billion in the four months, showing a 4% increase from over 999 million recorded in the same period last year.

An analysis of the two months data just released by NIBSS showed that the NIP platform recorded N26.6 billion transactions in January.

Year on year, this was a 43.7% increase over N18.5 trillion recorded in the same month of last year.

Similarly, in February, deals worth 27.2 billion were sealed over the electronic platform. Compared with February 2021 when N18.3 trillion was recorded, this represented 48.6 per cent growth.

In March, the platform recorded 31.8 trillion transactions, a 44.5% increase over the N22 trillion recorded in the same month last year.

The value of transactions on the NIP platform stood at N29.2 trillion in April this year. This also shows a 41.6% increase over the N20.6 trillion recorded in April 2021

The NIBSS Instant Payments (NIP) is an account-number-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS.

It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.

According to NIBSS, over the years, Nigerian banks have exposed NIP through their various channels, that is, internet banking, bank branch, Kiosks, mobile apps, Unstructured Supplementary Service Data (USSD), POS, ATM, etc. to their customers.

Electronic transactions boomed during the COVID-19 pandemic when movement was restricted and people resorted to POS and available ATM terminals.