Nigeria’s E-payment Transactions Hit N56.85 Trillion
Reports gathered from the Nigerian Interbank Settlement System (NIBSS), have revealed that Nigeria’s electronic payment (e-payment) services, recorded transactions worth N56.85 trillion from January to September, 2018.
The report which was obtained by the News Agency of Nigeria (NAN) on Sunday, showed an increase of N16.4 trillion compared to the N40.45 trillion that was recorded in the same period of 2017.
The report also disclosed that most of the electronic transactions were carried out through the NIBSS Instant Payment (NIP), Automated Transfer Machines (ATMs), Point of Sales, Mobile Money, Electronic Bills Payment (E-Bills) and Web payments.
A breakdown of the report showed that ATMs transactions grew from N4.61 trillion in 2017 to N4.76 trillion at the end of the third quarter of 2018. Also, the number of transactions via ATMs under the period in review grew from N560.86 million to N650.06 million in year 2017 and 2018 respectively.
The report revealed an increase of about N635 billion in the use of POS machines to carry out payments by Nigerians. Under the period of review, 98.73 million transactions worth N975 billion were done using POS in 2017, while in 2018, the number grew to 196.83 million, valued at N1.61 trillion.
Similarly, the volume of transactions carried out by Nigerians, via mobile money increased from N795.18 billion in 2017, to N1.22 trillion as at Sept, 2018. Also, using the web payment means, the total value of transactions under the period in review increased from N129.24 billion in 2017, to N183.07 billion in 2018.
Futhermore, the value of transactions on e-bill payments, which made it possible for customers to pay utility bills such as power, cable and so on online, declined from N420.73 billion in 2017 to N370 billion in 2018.
Meanwhile, a Business and Financial analyst, Dr Patricia Auta, stated that the NIBSS report showed an increase in awareness and use of technology by businesses and individuals across Nigeria.
Dr Auta urged the Central Bank of Nigeria (CBN), to increase efforts on cashless economy policies, especially in states, to grow the electronic payment space. She also advised commercial banks to stay competitive and drive growth by providing innovative alternate payment channels to their customers.