Business
NIBSS report: Cashless transactions rise by 44% in four months
According to the latest report from the Nigeria Inter-Bank Settlement System (NIBSS), cashless transactions rose by 44 percent year-on-year to hit N117.33tn in the first four months of 2022.
From January 2022 to April 2022, N117.33tn was processed through electronic channels, which is N35.79tn more than N81.54tn that was processed in the corresponding period of 2021.
Cashless transactions are monitored on the NIBSS through the Nigeria Instant Payment System and Point of Sales terminals.
In January 2022, N27.22tn was processed electronically in the nation, this increased to N27.76tn in February, N32.52tn in March, and N29.84tn in April 2022.
Electronic channels were used 1.88 trillion times in the first four months of 2022, a 44.26 per cent increase from the 1.3 trillion times they were used in the corresponding period of 2021.
This sustains the growth that was witnessed in electronic payment after the onset of the COVID-19 pandemic.