By Chinwendu Obienyi
The Nigeria Inter-Bank Settlement Systems (NIBSS) has said that transactions done on the Point of Sales (PoS) terminals across the country rose by N1.05 trillion from N3.56 trillion in the first seven months of 2021 to N4.61 trillion in 2022.
This is even as the firm revealed that transactions worth N204.5 trillion were performed electronically in Nigeria between January and July this year through its Instant Payment platform (NIP).
This shows a 40 per cent increase in e-payments in the country when compared with N145.8 trillion recorded in the same period last year.
The surge in electronic transactions shows that more Nigerians are embracing the cashless policy of the Central Bank of Nigeria (CBN).
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 financial industry’s preferred funds transfer platform that guarantees instant value to beneficiaries.
According to NIBSS, the value of e-payment recorded was a reflection of the increase in the volume of deals within the period. The NIP volume rose to 2.7 billion in the seven months, showing a 42 per cent increase over 1.9 billion recorded in the same period last year. The data from the NIBSS also suggested increased usage of electronic payment gateways as the NIP and PoS terminals were used 1 billion more times from January to July 2022 than they were used in the corresponding period of 2021. The two payment terminals were use 3.41 billion times in the period under review and 2.40 billion times in the corresponding period of 2021
An analysis of the 7 months data just released by NIBSS showed that the NIP platform recorded N26.6 trillion transactions in January. Year on year, this was a 43.7 per cent increase over N18.5 trillion recorded in the same month of last year. Similarly, in February, deals worth 27.2 trillion 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 N31.8 trillion in transactions, a 44.5 per cent 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 per cent increase over the N20.6 trillion recorded in April 2021.
In May, the value of e-payment transactions stood at N29.6 trillion, a 43 per cent increase compared with N20.7 trillion recorded in the same period last year. The NIP transactions rose to N31.7 trillion in June 2022, a 37 per cent growth over N23.1 trillion posted at the same time in 2021.
The data for July also reflected a 31 per cent increase from N22.4 trillion last year to N29.3 trillion this year.