E-payment transactions rise by 50.3%, hit N162.95tn

The value of transactions via digital payment platforms – Nigeria Interbank Settlement System Instant Payment System and Point of Sales terminals – rose to N162.95tn from January to December in 2020.

The two platforms recorded a 50.3 percent growth in value of payments when compared to an aggregate of N108.42tn in the corresponding period in 2019.

A breakdown of data obtained from Nigeria Interbank Settlement System showed that NIP grossed N158.22tn from January to December 2020 while PoS deals were worth N4.73tn during the same period.

The instant payments were carried out by bank customers via bank branches, Internet banking, mobile apps, Automated Teller Machines and Unstructured Supplementary Service Data.

In the year 2019, total NIP transactions amounted to N105.22tn while PoS payments were valued at N3.2tn during the same period.

Analysis of the NIBSS data showed that the value of Point of Sales transactions also grew by 47.81 per cent to reach N4.73tn from January to December 2020 as against a total of N3.2tn recorded in 2019.

The value of NIP increased by 50.37 percent to reach N158.22tn from January to December 2020 as against a total of N105.22tn recorded in the corresponding period in 2019.

In December 2020, customers carried out a total of N20.35tn worth of financial transactions on the instant payment platform, an 89.48 percent increase on the N10.74tn recorded in the corresponding period of 2019.

In addition, the PoS payments valued at N574.37bn were conducted within the same period, representing a 54.11 percent growth from N372.69bn in December 2019.

Checks showed that December had the highest PoS and instant payments in value and volume in 2020.