JUST IN: Cashless economy expands as e-payment rise 26% to N271.6trn

The value of electronic payment transactions rose year-on-year by 26 percent to N271.6 trillion in the first nine months of the year (January to September 2022)  from N215.76 trillion in the first nine months of  2021.

On a monthly basis,  data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) revealed that e-payment  transactions worth N32.8 trillion were performed in September down  by 1.2 percent from N33.2 trillion in August.

The surge in electronic transactions shows that more Nigerians are embracing the cashless policy of the Central Bank of Nigeria (CBN).

According to NIBSS, the value of the e-payment recorded was a reflection of the increase in the volume of deals within the month. 

The NIBSS Instant Payment (NIP) volume rose by 48 percent  to 438 million in September,  from 296 million recorded in the same period last year.

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, ATMs, etc. to their customers.