E-payment Transactions Grow by 86%

E-payment transactions in the country jumped by 86.44 per cent to N566.39tn in the first half of 2024 from N303.60tn in the same period of last year, according to data from the Nigeria Inter-Bank Settlement System.

The data showed July saw the highest transaction value, totalling N89.50tn, compared to N47.39tn in July 2023. In June this year, the value of e-payment transactions stood at N79.59tn, up from N45.31tn in June 2023.

The NIP, launched in 2011 by NIBSS, is an online real-time interbank payment platform that enables instant value transfers.

Banks have since made the NIP platform accessible to customers through various channels, such as internet banking, mobile apps, USSD, ATMs, POS, and bank branches.

Similarly, May saw a total of N87.48tn e-payment transactions, compared to N45.96tn in May of the previous year.

April 2024 recorded N75.32tn in e-payment transactions, rising from N41.25tn in April 2023, while March 2024 posted N83.05tn compared to N48.33tn in March 2023.

In February, transactions reached N79.33tn, up from N36.79tn in February 2023, and January 2024 saw N72.11tn compared to N38.77tn in January 2023.

The surge in e-payment transactions was linked to the increasing adoption of digital payment platforms by businesses and individuals, driven by convenience and efficiency in financial transactions.

Last year, electronic payment transactions in the country hit an all-time high, rising by 55 per cent to N600tn, compared to N387tn in 2022.

Also, the total value of point-of-sale transactions for 2023 was N10.73tn compared to N8.39tn recorded in 2022.