The value of transactions via the Nigeria Interbank Settlement System Instant payment system and on Point of Sales terminals across the country rose to N50.3tn from January to May this year.
The two platforms recorded a 16 per cent growth in payments when compared to an aggregate of N46.62tn in the corresponding period in 2019.
A breakdown of data obtained from the Nigeria Interbank Settlement System showed that NIP grossed N48.66tn from January to May this year as banks, financial technology firms and telecommunications companies intensified efforts to deepen financial inclusion.
This is a 16 per cent increase in the value on the transactions compared with N41.48tn transactions in the first five months of 2019.
This is as payments via PoS terminals amounted to N1.64tn in the first five months of the year, recording 44 per cent growth as against a total of N1.14tn recorded in the first five months of 2019.
The volume of instant money transfers also grew by 48 per cent from 416.74 million deals recorded in the first five months of 2019 to 615.33 million transfers carried out by Nigeria banks in the corresponding period this year.
In January this year, instant money transfers valued at N10.3tn and a volume of 111.35 million were reported by NIBSS.
In the following month, the value of NIP transactions dropped to N9.97tn while the volume grew to 120.26 million.
The banks grossed NIP transactions valued at N10.97tn in March 2019 and recorded a volume of 135.3 million in the same month.
NIBSS statistics showed that in April this year when Lagos, Ogun and Abuja, among other states were on total lockdown, the value of instant transfers dropped to N7.01tn and recorded a volume of 107.17 million.
In May, the volume of NIP deals grew to 141.25 million while the value of the transfers also increased to N10.41tn.
Also, the value of Point of Sales transactions grew by 44 per cent to reach N1.64tn January to May 2020 as against a total of N1.14tn recorded in the first five months of 2019.