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Payments General

E-payment transactions hit NGN 56.85 tln in Nigeria

Wednesday 9 January 2019 | 12:59 PM CET

Nigerian Interbank Settlement System (NIBSS) has indicated that Nigeria’s e-payment services recorded transactions worth NGN 56.85 trillion in 2018.

The report shows an increase of NGN 16.4 trillion when compared to the NGN 40.45 trillion that was recorded in the corresponding period of 2017. The electronic transactions were done through NIBSS instant payment, NIP, POS, ATMs, mobile money, electronic bills payment (e-bills) and web payments.

In addition, the report showed that ATMs transactions grew from NGN 4.61 trillion in 2017 to NGN 4.76 trillion at the end of the third quarter of 2018, while the volume of transactions on ATMs under the period in review grew from 560.86 million in 2017, to 650.06 million in 2018. The report showed a rise of about NGN 635 billion in the use of POS machines to carry out payments by Nigerians.

The report uncovers the fact that 98.73 million transactions worth NGN 975 billion were carried out using POS in 2017, while in 2018 the volume grew to 196.83 million, valued at NGN 1.61 trillion. The volume of transactions carried out by Nigerians, using mobile money rose from NGN 795.18 billion in 2017, to NGN 1.22 trillion as at September 2018.

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