Money

More Nigerians Trust Electronic Means For Payment as Transactions Hits Over N247 trillion in 11 Months

Wednesday, December 15, 2021 at 12:05 PM by Dave Ibemere

Following the return to strong economic numbers, Nigeria’s e-payment transactions have risen significantly in the first 11 months of 2021
According to data from the Nigerian Interbank Settlement System, transactions worth over N247 trillion were recorded from January to November 2021
NIBSS reports noted the transactions were carried out through Point of Sale (PoS), and Instant Payment (NIP)

PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!

Nigeria's electronic payment (e-payment) services registered transactions of N247.43 trillion from January to November 2021, according to reports from the Nigerian Interbank Settlement System (NIBSS).

According to the report, the majority of electronic transactions were conducted using the NIBSS Instant Payment (NIP) and Point of Sale systems (PoS).

NIBSS noted that N241.69 trillion worth of transaction were made via instant payment while N5.73 trillion came from PoS, the Punch newspaper reports.

NIP transactions

Nigerians carried out a total of 3.08 billion NIP transactions worth N241.69 trillion from January to November 2021, according to the NIBSS.

PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!

In the 11-month period, the overall volume of PoS transactions was 883.29 million, totalling N5.73 trillion.

In January, a total of 228.76 million NIP transactions worth N18.50 trillion were completed, followed by 230.256 million transactions for N18.33 trillion in February.

In March, there were 275.04 million transactions for N22.02 billion, while in April, there were 265.12 million transactions worth N20.69 billion.

In May, there were 279.42 million transactions for N20.72 billion; in June, there were 287.02 million worth N23.12 billion; and in July, there were 294.34 million worth N22.42 billion.

In August, there were 293.99 million transactions for N22.13 billion; in September, there were 296.15 million transactions worth N23.52 billion; in October, there were 311.35 million transactions worth N24.31 billion; and in November, there were 319.93 million transactions worth N25.94 billion.

PoS transactions

In January, 70.88 million PoS transactions worth N489.24 billion were completed; in February, 71.63 million transactions worth N468.91 billion were completed.

In March, 80.95 million transactions worth N531.38 billion were completed; and in April, 77.61m transactions worth N507.86 billion were completed.

In May, the total number of PoS transactions increased to 79.08 million (N503.96 billion) and 81.97 million (N503.91 billion), but then declined to 81.62 million (N554.67 billion) in July and 75.55 million (N504.88 billion) in August.

In September, the number of PoS transactions increased to 87.71 million (N556.36 billion), then decreased to 91.39 million (N552.26 billion) in October, before falling to 84.92 million (N560.27 billion) in November.

Report reveals Dangote's 'bank account balance'

Legit.ng had earlier reported the total amount of money held in cash by Africa's richest man Aliko Dangote.

The report noted that from January to December through his company Dangote has earned over N500 billion.