According to the data released by the Nigeria Inter-Bank Settlement System (NIBSS), the value of e-payment transactions in Nigeria for the month of September rose by 6.37 per cent to N24.08tn than the N22.64tn recorded in August.
All e-payment transactions recorded in a month are updated on the NIBSS through the Nigeria Instant Payment System and Point of Sales terminals.
Total e-payment transactions rose by 52.35 per cent year-on-year in the corresponding period. In September 2020, e-payment transactions were N15.8tn.
The data recorded for the month of September 2021, was N23.52tn for Nigeria Instant Payment (NIP) transactions, and N556.36bn for Point of Sales (POS) transactions.
The total volume of transactions on NIP and POS terminals rose to 296.15 million and 87.71 million respectively.
The NIBSS stated that the global pandemic had changed the e-payment world, with the accelerated adoption of instant payments because more people have switched to electronic channels for funds exchange.