Nigeria Interbank Settlement System (NIBSS) has reported that the value of transactions performed with electronic payment (e-payment) channels rose year-on-year (YoY) by 58 per cent to N25.9 trillion in October this year from N16.3 trillion in 2020.
Analysis of electronic payment data on NIBSS platform showed that YoY, the value of Point of Sale (PoS) transactions also rose by 19.8 per cent to N552.26 billion from N460.95 billion in October 2020.
Though volume of transactions on e-payment declined YoY by 11.3 per cent to 431.84 billion in October 2021 from 487.26 billion in October 2020, volume of transactions on PoS rose by 33.5 percent to 91.38 million in October 2021 from 68.4 million in October 2020.
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Further analysis showed that the volume of NIBSS Instant Payment (NIP) transactions rose by 51 percent to 311 million in October 2021 from 205.38 million in October 2020 and its value rose by 58.7 percent to N24 trillion from N15.12 trillion in October 2020.
The volume of mobile transactions also rose by 123 percent to 29 million in October 2021 from 13 million in October 2020 and its value rose by 156 percent to N840.46 billion from N327.51 billion in October 2020.
For cheque transactions, the volume rose by two percent to 357,554 in October 2021 from 350,344 in October 2020 while its value rose by 15.6 percent to N257.48 billion from N222.56 billion in October 2020.