E-payments Rose By 6.37% To N24trn In September

The value of e-payment transactions in Nigeria rose by 6.37 per cent to N24.08tn in September.

This was according to the data released by the Nigeria Inter-Bank Settlement System. In August total e-payment transactions was N22.64tn.

E-payment transactions are updated on the NIBSS through the Nigeria Instant Payment System and Point of Sales terminals.

Total e-payment transactions rose by 52.35 per cent year-on-year in the corresponding period. In September 2020, e-payment transactions were N15.8tn.

For the month of September 2021, NIP transactions were N23.52tn, while PoS transactions was N556.36bn.

Total volume of transactions on NIP and POS terminals rose to 296.15 million and 87.71 million respectively.

According to the NIBSS, the COVID-19 pandemic changed the e-payments landscape, accelerating the adoption of instant payments because more people switched to electronic channels for funds exchange.

This adoption was driven by mobile as it accounted for 43 per cent of total transactions and 78 per cent of total transfer transactions in 2020.