Nigerian Interbank Settlement System report reveals the country’s electronic payment services have hit 56.85 trillion naira

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In the period from January to September 2018, a report from the Nigerian Interbank Settlement System (NIBSS) said Nigeria’s electronic payment services recorded transactions worth 56.85 trillion naira.

The NIBSS report, which was obtained by the News Agency of Nigeria (NAN), showed an increase of 16.4 trillion naira when compared to the 40.45 trillion naira that was recorded in the corresponding period of 2017.

According to the report, most of the electronic transactions were done through the NIBSS Instant Payment (NIP), Point of Sale (PoS), Automated Transfer Machines (ATMs), Mobile Money, Electronic Bills Payment (E-Bills) and Web payments.

It was revealed that ATM transactions grew from 4.61 trillion naira in 2017 to 4.76 trillion naira at the end of the third quarter of 2018. The volume of transactions on ATMs under the period in review also grew from 560.86 million in 2017 to 650.06 million in 2018.

The report highlighted an increase in the use of POS machines by revealing that 98.73 million transactions worth 975 billion naira were carried out using PoS in 2017, while in 2018, the volume grew to 196.83 million, valued at 1.61 trillion naira. Similarly, the volume of transactions carried out by Nigerians, using mobile money rose from 795.18 billion naira in 2017 to 1.22 trillion naira as at September 2018.

In the case of the web payment channel, the total value of transactions under the reviewed period rose from 129.24 billion naira in 2017 to 183.07 billion naira in 2018.

The value of such transactions on e-bill payments, which allowed customers to pay utility bills such as power, cable and so on online, declined from 420.73 billion naira in 2017 to 370 billion naira in 2018.

Dr Patricia Auta, a financial analyst said the NIBSS report showed an increased awareness and use of technology by individuals and businesses in the country. She urged the Central Bank of Nigeria (CBN) to intensify efforts on cashless economy, especially in states, to further grow the electronic payment space.

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