The Nigeria Inter-Bank Settlement System (NIBSS) says instant payments increased to N89.50 trillion in July 2024.
Instant payment is an account-based, real-time electronic funds transfer (EFT) platform.
It enables financial institutions to provide online real-time funds transfer services to customers through all available electronic channels.
According to data obtained from NIBSS, the figure represents a 12.45% or N9.91 trillion increase, compared to the N79.5 trillion recorded in June and an 89% year-on-year increase compared to the N47.38 trillion recorded in July 2023.
The instant payments recorded in July brought the value of the total electronic transactions in 2024 to N566.39 trillion.
In 2023, Nigeria recorded N600 trillion in electronic transactions.
Also, instant payment transaction volume rose to 907.34 billion in July, from 871.66 billion recorded in June — an increase of 4%.
However, the volume rose by 22% on a year-on-year basis, compared to the 743.15 billion volume recorded in July 2023.
Furthermore, the data showed that the value of cashless transactions surged to N238.61 trillion in the month under review, representing a significant increase of 4.6% or N10.49 trillion, compared to the N228.11 trillion recorded in June.
The data also showed 27.56 billion transactions were done through the use of electronic payment channels in July.
According to NIBSS, during the review period, the volume of transactions on the point of sale (PoS) channel was 97.8 billion, with a transaction value of N1 trillion.
NIBSS said mobile money operators (MMOs) such as Opay, Palmpay, Moniepoint, and Kuda, recorded N6.23 trillion transaction value in July.
