E-payment transaction hits N387trn in 2022 –NIBSS

Marcus Amudipe
Marcus Amudipe

 

Findings have revealed that Electronic payment transactions in Nigeria rose to N387 trillion in 2022.

According to Nairametrics, this was obtained from the data released by the Nigeria Inter-Bank Settlement System.

It was gathered that the value recorded on the NIBSS Instant Payment represents a 42% increase over the N272 trillion recorded in 2021.

The largest value was noted in December, despite the fact that the e-payment statistics indicated a consistent increase throughout the year. In December 2022, Nigerians spent a total of N42 trillion through electronic channels due to the Christmas season and other spending activities. This set a new record for a single month on the NIBSS electronic payment system.

Also, the amount of transactions that NIBSS processed in one year increased from 3.4 billion in 2021 to 5.1 billion in 2022. This reflects an annual growth of 50%.

The revised cashless policy, which further restricts the amount of cash that individuals and corporate organizations can withdraw, will further propel a surge in electronic transactions across the nation.

Also the Central Bank of Nigeria’s cashless policy is already gaining traction with many Nigerians becoming accustomed to mobile transfers, paying with PoS, and USSD, among others.

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