The value of electronic payments in Nigeria has risen to N247.43 trillion in 11 months, according to data obtained from the Nigeria Inter-Bank Settlement System (NIBSS).
NIBSS is the custodian of Nigerian payment data across various electronic channels through the Nigeria Instant Payment System and Point of Sales terminals.
From January to November 2021, the total volume of NIP transactions in the country was 3.08 billion, amounting to N241.69 trillion.
The total volume of PoS transactions in the 11-month period was 883.29 million, amounting to N5.73 trillion.
A transaction volume of 228.76 million NIP transactions, valued at N18.50 trillion, was carried out in January and 230.256 million transactions worth N18.33 trillion in February.
In March, transactions rose to 275.04 million, amounting to N22.02 trillion while 265.12 million transactions valued N20.69 trillion were carried out in April.
The total number of transactions rose to 279.42 million valued at N20.72 trillion in May; 287.02 million transactions worth N23.12 trillion in June; and 294.34 million valued at N22.42 trillion in July.
A total of 293.99 million transactions, amounting to N22.13 trillion, were recorded in August; 296.15 million transactions worth N23.52 trillion in September; 311.35 million valued at N24.31 trillion in October; and 319.93 million transactions worth N25.94 trillion in November.
A total of 70.88 million PoS transactions worth N489.24 billion was carried out in January; 71.63 million transactions worth N468.91 billion in February; 80.95 million transactions valued at N531.38 billion in March: and 77.61 million transactions worth N507.86 billion in April.
As Electronic payment in Nigeria wax stronger, the total number of PoS transactions rose to 79.08 million (N503.96 billion) in May and 81.97 million (N503.91 billion) in June but fell to 81.62 million (N554.67 billion) in July and 75.55 million (N504.88 billion) in August.
The PoS transactions rose to 87.71 million (N556.36 billion) in September and 91.39 million (N552.26 billion) in October but fell to 84.92 million (N560.27 billion) in November.
The International Monetary Fund (IMF) said COVID-19 pandemic pushed more people to explore Internet banking and other digital transactions.
The IMF said the value of mobile money transactions in Nigeria increased to 9.72 per cent of the Gross Domestic Product (GDP) in 2020.
