Nigeria’s e-payments: 40 increase in one year

In Nigeria, electronic payment is rapidly becoming more important in the development of the economy. The latest statistics show that the number of e-payments and the amount of money involved is growing at high pace.

According to the Nigerian Interbank Settlement System (NIBSS) the country’s electronic payment (e-payment) services recorded transactions worth N56.85 trillion from January to September 2018. That is an increase of over 40 per cent (N16.4 trillion) compared to the corresponding period of 2017.

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.

According to a news report by BusinessTimesAfrica, the volume of transactions carried out by Nigerians, using mobile money also rose from N795.18 billion in 2017 to N1.22 trillion as at September 2018.

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