NIBSS: Instant Payment Grows By 89% To $143.65bn

Electronic transactions over the Nigeria Inter- Bank Settlement Systems (NIBSS) Instant Payment recorded massive growth in the first quarter of this year as Nigerians spent $143.65 billion (N58.9 trillion) over the platform. This represents 89 per cent growth when compared with N31.2 trillion recorded in the same period of last year. While COVID-19 was said to have sparked a massive embrace of electronic payment last year, the huge increase in the use of the channels this year, as witnessed between January and March even without any lockdown or movement restriction indicates a growing culture of e-transaction across the country. A breakdown of the threemonth transaction value showed that bank customers transacted deals valued at N18.5 trillion over the NIBSS platform in January. In February, the value of transactions stood at N18.3 trillion while it rose to N22 trillion in March. The increase in value was a reflection of the surge in the volume of deals which rose by over 100 per cent from 366 million recorded in Q1’20 to 734 million in Q1’21…
 
More details through:
https://www.newtelegraphng.com/nibss-instant-payment-grows-by-89-to-n58-9trn/
​